Grindwell Norton has executed a definitive agreement with Shinagawa Refractories Co Ltd, Japan, to form a private limited company for tap hole clay refractory products for the steel industry.
The company will hold 49 per cent stake while Shinagawa Refractories will hold 51 per cent in the private limited company.
In November last year, the company had said that the initial investment in the firm will not exceed ₹15 crore. Shareholders will closely monitor the development.