Visa Steel Ltd has announced that the Company has signed a Joint Venture Agreement with Baosteel Trading Co. Ltd., China and VISA Comtrade AG, Switzerland to set up a 100,000 tpa Ferro Chrome Plant in Orissa. The Joint Venture will operate through a separate Company titled VISA BAO Ltd.
In this regard the Company has issued the following press release:
VISA Steel Ltd on August 17, 2007 has entered into a Joint Venture with Baosteel Trading Co. Ltd., China (Baosteel Trading) and VISA Comtrade AG, Switzerland (VISA Comtrade) for setting up a 100,000 TPA Ferro Chrome plant in Orissa.
The JV Company titled VISA BAO Ltd shall be a subsidiary of VISA Steel, which will hold 51% of the shares in the Company. Baosteel trading and VISA Comtrade will hold 35% and 14% shares in VISA BAO Ltd respectively.
The JV Agreement was signed on August 17, 2007 Shanghai by Mr. Vishal Agarwal, Managing Director on behalf of VISA Steel, Mr. Li Qing Yu, President on behalf of Baosteel Trading and Mr. Vivek Agarwal, Executive Director on behalf of VISA Comtrade, in the presence of Mr. Vishambhar Saran, Chairman, VISA Group, Mr. Xu Le Jiang, Chairman, Baosteel Group, Madam Xie, immediate past Chairperson, Baosteel Group and various other senior executives of Baosteel.
The cost of setting up the 100,000 TPA capacity Ferro Chrome plant and related infrastructure is estimated to be around Rs 260 crores, which will be financed through a debf:equity mix of 65:35.
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