VISA Steel has signed a joint venture agreement with China-based Baosteel Trading Company (Baosteel Trading) and VISA Comtrade AG, Switzerland (VISA Comtrade) for setting up a 1,00,000 tonne per annum ferro chrome plant in Orissa.According to a release issued by VISA Steel to the BSE today, the company will hold 51% stake in the JV company VISA Bao. "Baosteel Trading and VISA Comtrade will hold 35% and 14% shares, respectively, in Visa Bao," the release added.The agreement was signed today in Shanghai by Vishal Agarwal, managing director, VISA Steel, Li Qing Yu, president, Baosteel Trading and Vivek Agarwal, executive director, VISA Comtrade.The cost of setting up the 1,00,000 TPA ferro chrome plant and related infrastructure is estimated to be around Rs 260 crore, which will be financed through a debt:equity mix of 65:35.
