On Tuesday, Indian steel producer Visa Steel and US-based SunCoke Energy announced that they have entered into a joint venture in the Indian state of Orissa to build a coke-making facility. The plant will produce over 5 million metric tons of metallurgical coke per year.
Visa Steel will hold 51 percent of the venture, while SunCoke will invest $67 million and hold the remaining 49 percent. The transaction is set to close in the first quarter of 2013.