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Stock Market & Financial Investment News

News Breaks
November 20, 2012
05:56 EDTSXCSunCoke Energy and VISA Steel announce Indian joint venture
VISA Steel Limited and SunCoke Energy announced that they have entered into agreements to form a cokemaking joint venture in India. SunCoke Energy will invest approximately $67M to acquire a 49% interest in the joint venture. VISA Steel will hold the remaining 51%. The joint venture, which will be unlevered at closing, will be comprised of VISA Steel's existing 400,000 MT per annum heat recovery coke plant and associated steam generation units at Kalinganagar in Odisha, India. The transaction is expected to close in Q1, subject to customary conditions, including approval from VISA Steel shareholders.
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