VISA Steel has entered into a joint venture with Baosteel Resources Co. Ltd. to add value to Orissa’s vast reserves of Chrome Ore by conversion into Ferro Chrome. The Joint Venture Company, VISA BAO Limited is setting up a 100,000 TPA Ferro Chrome Plant in Orissa wherein VISA Steel holds 65% stake and Baosteel holds the balance 35% stake.
VISA BAO also plans to set up Chrome Ore beneficiation and pelletisation facilities and also backward integrate into mining of Chrome Ore.
China is emerging as the largest producer of Stainless Steel and currently accounts for over 25% of global stainless steel production. The Joint Venture offers a win-win situation for VISA Steel to add value to Chrome Ore within Orissa and a secure market and for Baosteel to have a secure Ferro Chrome source for its Stainless Steel production.