Baosteel picks up 5% in Visa Steel
Consequent to the amalgamation, Baosteel will hold 5% stake in VISA Steel.
The amalgamation was approved by the Board of Directors of VISA Steel Limited and VISA Bao Limited at its meeting held in Kolkata on Friday and is subject to all necessary approvals from regulatory authorities.
The lenders of VISA Steel and VISA Bao have already approved the above amalgamation. VISA Bao Limited was set up in 2008 for setting up a Ferro Chrome Plant in Odisha in which VISA Steel holds 65% stake and Baosteel holds 35% stake.
Commenting on the announcement, Vishal Agarwal, Vice Chairman & MD of VISA Steel said, “The amalgamation of VISA Bao with VISA Steel will make VISA Steel one of the largest Ferro Chrome producers in India. The integration will improve the operational and cost efficiency of the Ferro Chrome business.”
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