VISA Steel and SunCoke Energy, Inc. have entered into agreements to form a coke making joint venture (JV) in India. SunCoke Energy will invest about Rs 368 crore to acquire a 49% interest in the joint venture while, VISA Steel will hold the remaining 51%.
The joint venture, which will be unlevered at closing, will be comprised of VISA Steel’s existing 400,000 MT per annum heat recovery coke plant and associated steam generation units at Kalinganagar in Odisha, India. The transaction is expected to close in the first quarter of 2013, subject to customary conditions, including approval from VISA Steel shareholders.
VISA Steel is a leading player in the Special Steel, Coke and Ferro Chrome industry in India with manufacturing facilities located at Kalinganagar Industrial Complex in Odisha.
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