Murugappa group company Carborundum Universal Ltd (CUMI) has initiated steps to wind down its German step-down subsidiary, CUMI AWUKO Abrasives GmbH (CAAG), citing continued underperformance and mounting losses. The decision was approved by the Board of CUMI International Ltd (CIL), Cyprus, the holding company of CAAG, to proceed with a voluntary winding-up process under German laws. […]