We Claim:
1. An abrasive grain with a facetted microstructure with alumina and zirconia in the range of 50 to 95 wt% and 5 to 50 wt% respectively, wherein the facetted grains have inclusions in the form of rods or lamella or dispersed phases or a mixture of these, wherein the grain size as seen from the micrograph is in the range of 5 to 100 microns.
2. The abrasive grain as claimed in claim 1, comprising additives such as oxides and sub-oxides, carbides of titania, chromia, yttria, ceria, magnesia totalling to a maximum of 5 wt% and other impurities not exceeding 1 wt%.
3. The abrasive grain as claimed in Claim 1, wherein the composition is that of a eutectic mixture of alumina and zirconia with about 42 wt% zirconia, with or without the presence of other intentionally added additives.
4. The abrasive grain as claimed in Claim 1, wherein the composition has about 25% zirconia and 75% alumina.
5. The abrasive grain as claimed in Claim 1, wherein the Hafnia content is less than 3 wt%.
6. A method of making abrasive grains as claimed in claim 1 from fused mass by a modified cooling cycle with two stages wherein the first stage is done through contacting the molten mass with metal based molds and further cooling the solidified mass by quenching in liquids such as water or a molten salt.
7. A coated abrasive tool made from the grains with microstructure as described in Claim 1, either individually or in combination with other grains
8. A vitrified abrasive wheel or a hand tool made from grains with composition and microstructure as described in Claim 1, either individually or in combination with other grains

9. A resinoid or a rubber bonded abrasive tool comprising the grains as claimed in Claim 1.
10. A metal matrix composite for wear resistant surface applications wherein the grains of Claim 1 are dispersed in a metallic matrix made of different forms of steel or aluminium.
11. A polymer based coating with the grains as claimed in Claim 1 dispersed and painted on a surface to reduce friction related wear.