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.”
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
