Baosteel Resources to acquire 5% stakes in Visa Steel
India has now entered the era when numerous foreign companies are showing interests to invest in Indian companies. Apart from MNCs, India has attracted good number of investors across the globe, who are ready to establish a joint venture and/or acquire some stakes in Indian firms.
Recent example of above mentioned statement is Baosteel Resources. It is a China based steel maker which has shown interest in acquiring 5% stakes in Visa Steel and the deal is expected to close on a good note. Visa Steel is a Kolkata based Mineral and metals company, proficient in steel industry. The lenders have already approved this acquisition.
Visa Steel has already merged its joint venture firm with Chinese steel maker which is renowned as Visa Bao Limited. It was stated in a BSE filing that Baosteel will hold 5% stake in Visa Steel as a result of this union. This acquisition was approved by the Board of Visa Bao and Visa Steel in a meeting which held on August 21, 2015 in Kolkata.
Visa Bao is a joint venture of Visa Steel and Baosteel Resources which was founded in the year 2008. Visa Steel holds 65% of stakes where Baosteel Resources holds remaining 35%.
Visa Steel is an active arm of Visa Group which is engaged in business of cement, international trading, power, steel and urban infrastructure.
Visa Steel was founded a decade and two years back. It has a registered office in Bhubaneswar and corporate office in Kolkata along with numerous branch offices across the nation.
- Previous Aramex looking forward to acquire 3 more companies
- Next LI-COR Biosciences and Ashco Niulab Industries Ltd. agreed on Distribution Agreement