To set up ferro chrome plant in Orissa
The project will involve an outlay
of Rs. 260 cr.
VISA BAO will be
a subsidiary of
KOLKATA: Visa Steel India, an emerging integrated special and stainless steel player, has entered into a joint venture with Baosteel Trading Co. of China and Visa Comtrade AG Switzerland, for setting up a one lakh tonne per annum ferro chrome plant in Orissa.
Baosteel Trading is the designated company for overseas investment for BaoSteel which is China’s largest and most modern steel enterprise with a capacity of 24 million tonnes. Visa Comtrade is the international trading, shipping and logistics arm of the VISA group. Baosteel has been among VISA Comtrade’s oldest customers in China. A Visa Steel release said that the joint venture company called VISA BAO Ltd would be a subsidiary of Visa Steel which will hold 51 per cent of the equity stake, with Baosteel Trading holding 35 per cent and Visa Comtrade the balance.
The joint venture agreement was signed on Friday by the Managing Director of Visa Steel, the President of Bao Steel and the Executive Director of Visa Comtrade, in the presence of the Chairmen of the two companies.