Visa Steel, SunCoke Energy to form JV

VISA Steel and SunCoke Energy, Inc have signed agreements to form a coke-making JV in India.

SunCoke Energy will invest approximately Rs 368 crore to acquire a 49 per cent stake in the JV while VISA Steel will hold the remaining 51 per cent. The JV, which will be unlevered at closing, will be comprised of VISA Steel’s existing 4,00,000 tpa heat recovery coke plant and associated steam generation units at Kalinganagar in Odisha. The transaction is expected to close in the first quarter of 2013, subject to customary conditions, including approval from VISA Steel shareholders.