Indian producer Visa Steel has raised its stake in Visa Bao Ltd, the ferrochrome joint venture with Chinese steel major BaoSteel, to 65%.
Mr Vishambhar Saran, chairman of Visa Steel, said on the sidelines of the ICC ‘Mining to Steel Making Summit’ in Delhi told that “Our board has approved the merger of 14% stake held by our Swiss firm Visa Comtrade in the JV with Visa Steel Ltd, which had 51% stake in Visa Bao.”
He added that “Now we will look to export ferro-chrome produced by the JV firm from India only. When shipping rates were at their peak, last year, we had planned something big for our Swiss firm in the JV.”
Visa Steel entered into a definitive agreement with BaoSteel in 2007 to set up a 100,000 tonne ferrochrome plant at an investment of INR 260 crore [INR 2.6 billion] in Orissa. The ferrochrome plant will be funded with 65% debt and 35% equity and is scheduled for completion by 2010.
Source: Economin Times
No comments:
Post a Comment