Visa Steel has received its board’s approval to transfer its business of manufacturing and sale of metallurgical coke and associated steam generation units located at Kalinganagar, Odisha by way of slump sale on a going concern basis to VISA Coke for a lump sum consideration approximately equal to its book value, subject to the approval of the shareholders of the company.
The board also gave nod to invest/acquire by way of subscription, purchase or otherwise equity shares or any other financial instruments of VISA Coke, for an amount not exceeding Rs 180 crore, subject to the approval of the shareholders of the company.
The company’s manufacturing facility, located at Kalinganagar, has a production capacity of 225,000 tonne per annum (TPA) of pig iron, 400,000, 50,000 TPA ferro chrome and TPA of coke oven.
