Visa Steel Ltd (VSL) was incorporated in 1996 as Visa Industries Ltd. The name Visa Industries Ltd was changed to Visa Steel Ltd with effect from May 4 2005. The Company is engaged in the manufacturing of Pig Iron, Coke, Coking Coal, Steam Coal, Chrome Concentrated and Iron Ore Fines. Ghotaringa Minerals Ltd is the subsidiary of VSL. Visa Energy Resources Ltd (VERL) was merged with the company with effect from 1st April 2004. According to the scheme of merger the company has issued one equity share of Rs.10/- each to the shareholders of VERL for every one equity share of Rs.10/- held by them in VERL. The company has signed a MoU with the Government of Orissa in December 2003 for setting up an integrated special and stainless steel plant at Kalinganagar Industrial Complex. It was started by setting up a 250 cbm blast furnace at a captial cost approximately Rs.960 million with Tata Korf/SMS Demag technology for producing 225000 tpa pig Iron. Further the company is setting up a stamp-charged heat recovery coke Oven plant which is expected to be commissioned in first half of 2006. During February the company has made an Initial Public Offer of 35000000 equity shares of Rs.10 each at a price band Rs.52 to Rs.57 per equity share. The objects of issue is to meet the capital expense of Integrated special and stainless steel plant like setting up Ferro Chrome Plant, Sponge Iron Plant, Waste Heat Recovery Power Plant, Special and Stainless Steel Plant and Associated Infrastructure facilities.