Visa Steel is planning to merge its joint venture firm Visa Bao (VBL) to optimise costs and secure resources for its ferrochrome business. The company is seeking its shareholders’ approval for the same.
VBL is a joint venture between VSL and Baosteel of China, with VSL holding 65 per cent stake and Baosteel the remaining. The firm will hold a postal ballot soon to seek shareholders’ approval for the proposal and the results are expected next month. Visa Steel is a flagship company of the Visa Group, which has business interests in Steel, Power, Cement, International Trading and Urban Infrastructure etc. The Company is a leading player in the Special Steel, Ferro Chrome and Metallurgical Coke Business in India.