On Monday, Lisle, Illinois-based SunCoke Energy and India-based VISA Steel Limited announced the official launch of their cokemaking joint venture in India. The new joint venture will be called VISA SunCoke Limited. SunCoke Energy holds a 49 percent interest in the joint venture, with VISA Steel holding the remaining 51 percent. SunCoke has invested approximately US$67 million to acquire a 49 percent stake in the joint venture.
VISA SunCoke Limited is comprised of a 400,000 metric ton heat recovery coke plant, and the associated steam generation units at Kalinganagar in Odisha, India. SunCoke and VISA Steel will co-manage the business with equal representation on the partnership's board.
"This partnership marks a key milestone in SunCoke Energy's international growth strategy. By teaming with VISA Steel, SunCoke is entering India with the wisdom and experience of a premier and highly regarded local partner," said Frederick "Fritz" Henderson, Chairman and Chief Executive Officer of SunCoke Energy, Inc. Henderson emphasized, "As infrastructure, housing and transportation needs accelerate in India, local steelmaking companies will require high quality coke and VISA SunCoke is prepared to be their supplier of choice."