SunCoke Energy Launches Indian Cokemaking JV With VISA Steel

(RTTNews.com) - Metallurgical coke producer SunCoke Energy, Inc. ( SXC ) on Monday announced the official launch of its Indian cokemaking joint venture with India-based VISA Steel Limited. SunCoke has invested about 368 Crores Indian rupees or $67 million to acquire a 49 percent stake in the new joint venture, which will be called VISA SunCoke Limited.

VISA Steel holds the remaining 51 percent stake in the JV.

SunCoke noted that VISA SunCoke 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.

Frederick "Fritz" Henderson, Chairman and Chief Executive Officer of SunCoke Energy, said, "This partnership marks a key milestone in SunCoke Energy's international growth strategy. ..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."

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