Bhubaneswar:
The Kolkata based Visa Steel will be a part of the race to buy the Indian assets of British mineral trading firm Stemcor. Leading metal companies like Tata Steel, Essar, JSW, JSPL and Vedanta resources are already in the race to acquire the assets which includes a 4 MnTPA pellet plant, an iron ore mine in the state of Odisha.
“Yes, we would like to see ourselves in the race to acquire the Indian assets of Stemcor” said Vishal Agrawal, Vice Chairman and Managing Director, Visa steel. But he declined to say about the valuation of the assets of the British Company.
Compared to all the other players in the race Visa steel is expected to be benefit the most if it wins the race as the company is located in the Kalinganagar industrial zone with close proximity to the 4 MnTPA Brahmani River Pellets ltd (BRPL), a subsidiary of Stemcor.
Visa steel is reeling under severe raw material crisis for the last few years and if it acquires Stemcor's mining assets and BRPL that would solve the raw material crisis. Last April Visa had entered in an agreement with state owned NINL for converting iron ore fines to sinter.
It may be noted that the Kolkata High Court on 25th of last month has passed an order restraining Stemcor to sale its Indian Assets after receiving a complain from ICICI bank. The next hearing will be held on 7th of this month.
Reported by Tapan Moharana
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