Visa Steel, Baosteel enter joint venture

New Delhi, Aug 17: Visa Steel Ltd has entered into a joint venture (JV) with China-based Baosteel Trading Co Ltd and Switzerland-based VISA Comtrade AG to set up a 100,000 tonnes per annum (TPA) ferro chrome plant in Orissa worth Rs 260 crore.

Visa Steel will hold 51 stake in the JV company followed by 35 percent by Baosteel Trading and 14 per cent by Visa Comtrade, a company stament said.

''This JV takes our relation with Baosteel another step forward and ensures a win-win situation for both companies through a long-term market for the JV company and a stable supply of Ferro Chrome for Baosteel's stainless steel plant in China,'' Visa Group Chairman Vishambhar Saran said.

VISA Steel, the low cost integrated special and stainless steel company, is also mulling to start 300,000 TPA Sponge Iron Plant and 50 MW Waste Heat Recovery Power Plant by the end of FY07-08 and the 0.5 million TPA Special and Stainless Steel Plant, including a Bar and Wire Rod Mill, and an additional 25 MW Power Plant by end of next financial year.

UNI