"The JV, 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," the statement said.
The transaction is expected to close in the first quarter of 2013, it added. The deal is subject to customary conditions, including approval from VISA Steel's shareholders. SunCoke Energy Inc is the largest independent producer of metallurgical coke in Americas, the statement said.
"The demand for coke from large and medium size steel producers has been increasing substantially and there is a potential to grow the coke business on a standalone basis," said Vishambhar Saran, chairman, VISA Steel. "We believe that the coke industry in India is a key market that offers us attractive growth opportunities," FritzHenderson, chairman and CEO, SunCoke Energy Inc.
VISA Steel also holds a 65 percent stake in VISA BAO Limited, a joint venture with Chinese steel company Baosteel which is setting up a ferrochrome plant in Odisha.
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