Market Overview

VISA Steel, SunCoke Energy Form Cokemaking Joint Venture in India

VISA Steel Limited and SunCoke Energy (NYSE: SXC) are pleased to announce that they have entered into
agreements to form a cokemaking joint venture in India. SunCoke Energy
will invest approximately Rs. 368 Crores (US$67 million) to acquire a
49% interest in the joint venture. VISA Steel will hold the remaining
51%. The joint venture, which will be unlevered at closing, will be
comprised of VISA Steel's existing 400,000 MT per annum heat recovery
coke plant and associated steam generation units at Kalinganagar in
Odisha, India. The transaction is expected to close in the first quarter
of 2013, subject to customary conditions, including approval from VISA
Steel shareholders.

See full press release

Posted-In: News Guidance Contracts Management Stock Split M&A Global

 

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