Domestic steel producer Visa Steel has raised its stake to 65 per cent in Visa Bao, the joint venture with Chinese steel major Bao Steel, by way of realigning its corporate structure.
"Our board has approved the merger of 14 per cent stake held by our Swiss firm Visa Comtrade in the JV with Visa Steel, which had 51 per cent stake in Visa Bao," Visa Steel Chairman Vishambhar Saran told PTI on the sidelines of the ICC 'Mining to Steel Making Summit' here.
Visa Steel in 2007 had entered into a definitive agreement with Bao Steel to set up a 100,000-tonne ferro- chrome plant at an investment of Rs 260 crore in Orissa.
Amid global industrial downturn which has pushed down shipping freight charges, Visa Steel took the call to dilute Visa Comtrade's role in the JV.
"Now we will look to export ferro-chrome produced by the JV firm from India only. When shipping rates were at their peak, last year, we had planned something big for our Swiss firm in the JV," he added.
Visa Steel is also setting up a 1.5 million-tonne special and stainless steel project in Orissa at a cost of Rs 4,500 crore.
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