The plan for this was mentioned earlier. Following are excerpts from an Economic Times report.

Visa Steel on Friday inked a joint venture agreement with China’s Baosteel Trading and VISA Comtrade of Switzerland for setting up a 1 lakh tonne-per-annum ferro chrome plant in Orissa at a capital outlay of Rs 260 crore.

The JV company, VISA BAO, will be a subsidiary of VISA Steel which will hold a 51% stake. Baosteel Trading and VISA Comtrade will hold 35% and 14% stakes, respectively.  …