VISA Steel officially announces JV with SunCoke Energy

The JV will be called VISA SunCoke Limited, in which VISA Steel will hold 51% stake, while SunCoke Energy will hold remaining 49% stake

Kolkata-based steel maker Visa Steel today announced the official formation of its coke making joint venture in India with New York-listed SunCoke Energy. The JV will be called VISA SunCoke Limited, in which VISA Steel will hold a 51% stake and SunCoke Energy will hold remaining 49% stake.

Business Standard had reported in November last year that VISA Steel has decided to sell 49% of its stake in its subsidiary Visa Coke to SunCoke Energy for Rs 368 crore.

The joint venture is comprised of a 400,000 metric ton per annum heat recovery coke plant and associated steam generation units at Kalinganagar in Odisha, India.  

Vishambhar Saran, chairman of VISA Steel said, “We are pleased to finalise our partnership with SunCoke and it’s a great opportunity for VISA SunCoke to leverage its operating and technological expertise to serve customers across India with the highest quality coke. The coke industry in India is a key market that offers attractive growth opportunities and we believe that VISA SunCoke is well- positioned to grow its coke business and become an industry leader.”

Also Read: Visa Steel sells stake for Rs 368 crore

Frederick “Fritz” Henderson, chairman and CEO of SunCoke Energy, Inc. said, “This partnership marks a key milestone in our international growth strategy.  By teaming with VISA Steel, SunCoke Energy is entering India with the wisdom and experience of a premier and highly regarded local partner. As infrastructure, housing and transportation needs accelerate in India, local steel making companies will require high quality coke and VISA SunCoke is prepared to be their supplier of choice.”

The Board of Directors of the joint venture company will have equal representation from VISA Steel and SunCoke Energy.