Pittsburgh (Platts)--21Nov2012/426 am EST/926 GMT
India's Visa Steel Ltd. said Tuesday it has entered into a coke-making joint venture in India with SunCoke Energy of the US. Visa Steel will hold a 51% majority stake in the JV, while Illinois-based SunCoke Energy will invest around Rupees 3.68 billion ($67 million) to acquire the remaining 49% in the transaction, which is expected to close in the first quarter of 2013. The JV will include Visa Steel's current 400,000 mt/year heat recovery coke plant in Odisha, India. "The demand for coke from large and medium-size steel producers has been increasing substantially and there is potential to grow the coke business on a standalone basis," Visa Steel Chairman Vishambhar Saran said in a statement.Article continues below...Request a free trial of: International Coal ReportInternational Coal Report and its daily companion, Coal Trader International, deliver expert and respected price assessments for coal trading in the Atlantic and Pacific markets including price assessments for European CIF ARA, FOB Newcastle, Richards Bay and Indonesia.
India's Visa Steel Ltd. said Tuesday it has entered into a coke-making joint venture in India with SunCoke Energy of the US. Visa Steel will hold a 51% majority stake in the JV, while Illinois-based SunCoke Energy will invest around Rupees 3.68 billion ($67 million) to acquire the remaining 49% in the transaction, which is expected to close in the first quarter of 2013. The JV will include Visa Steel's current 400,000 mt/year heat recovery coke plant in Odisha, India. "The demand for coke from large and medium-size steel producers has been increasing substantially and there is potential to grow the coke business on a standalone basis," Visa Steel Chairman Vishambhar Saran said in a statement.
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International Coal Report and its daily companion, Coal Trader International, deliver expert and respected price assessments for coal trading in the Atlantic and Pacific markets including price assessments for European CIF ARA, FOB Newcastle, Richards Bay and Indonesia.
SunCoke Energy Chairman and CEO Fritz Henderson added, "We are pleased to partner with Visa Steel ... to grow our international footprint and establish a coke-making presence in India. We believe that the coke industry in India is a key market that offers us attractive growth opportunities."--Nicholas Tolomeo, nicholas_tolomeo@platts.com --Edited by Lisa Miller, lisa_miller@platts.com
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