US listed SunCoke Energy invested around Rs 368 crore to acquire 49 percent stake in the joint venture, VISA SunCoke, while the Indian partner Visa Steel would hold 51 percent stake.
In its board meeting the Kolkata-based steel company Visa Steel formally announced the joint venture, which comprises a 400,000 metric tonne per annum heat recovery coke plant and associated steam generation units at Kalinganagar in Odisha.
Vishambhar Saran, Chairman of Visa Steel remarked that the coke industry in India was a key market that offers attractive growth opportunities and that VISA SunCoke is well- positioned to grow its coke business and become an industry leader.
Frederick ‘Fritz’ Henderson, Chairman and CEO of SunCoke Energy said the firm was entering India with the wisdom and experience of a 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.
Both the groups will have equal representation in the board of the JV company.
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