Visa Steel inks pact with SunCoke for coke unit

Visa Steel has entered into a joint venture with SunCoke Energy, US to set up a coke plant in India.

SunCoke Energy will invest about Rs 368 crore ($67 m) to acquire a 49 per cent stake in the joint venture.

The JV will set up a 400,000-tonne heat recovery coke plant at Kalinganagar, Odisha.

The transaction is expected to close in the first quarter of 2013. SunCoke is the largest independent producer of metallurgical coke used in making steel in USA,