Visa Steel Ltd

Visa Steel Ltd

Visa Steel Ltd (VSL) was originally incorporated in September 1996 as Visa Industries Ltd. Thereafter the name of the Company was changed to Visa Steel Ltd with effect from May 4 2005. The Company is engaged in the manufacturing of High Carbon Ferro Chrome with Captive Power Plant. The manufacturing facilities of Company are situated at Kalinganagar which includes Coke Oven Ferro Chrome Blast Furnace Sponge Iron Power and Special Steel and at Golagaon in Odisha where the Chrome Ore Beneficiation & Chrome Ore Grinding Plants are located.Visa Energy Resources Ltd (VERL) was merged with the company with effect from 1st April 2004. According to the Scheme of Merger the Company issued one equity share of Rs.10/- each to the shareholders of VERL for every one equity share of Rs.10/- held by them in VERL.The company has signed a MoU with the Government of Orissa in December 2003 for setting up an integrated special and stainless steel plant at Kalinganagar Industrial Complex. It was started by setting up a 250 cbm blast furnace at a captial cost approximately Rs.960 million with Tata Korf/SMS Demag technology for producing 225000 tpa pig Iron. Further the company is setting up a stamp-charged heat recovery coke Oven plant which is expected to be commissioned in first half of 2006.During February the company has made an Initial Public Offer of 35000000 equity shares of Rs.10 each at a price band Rs.52 to Rs.57 per equity share. The objects of issue is to meet the capital expense of Integrated special and stainless steel plant like setting up Ferro Chrome Plant Sponge Iron Plant Waste Heat Recovery Power Plant Special and Stainless Steel Plant and Associated Infrastructure facilities.During the year 2015-16 VISA Infrastructure Limited ceased to be the Holding Company of your Company w.e.f. 22 April 2015. In 2017-18 the Company and VISA Special Steel Limited (VSSL) a subsidiary of Company through the Scheme of Arrangement envisaged transfer of Special Steel Business of the Company with all its assets and liabilities into VSSL in 2018 with the Appointed Date April 01 2013.In 2018-19 the Scheme of Arrangement between the Company and VISA Special Steel Limited (VSSL) for transfer of Special Steel Business Undertaking of the Company with all its assets and liabilities was transferred and vested into VSSL effective from April 01 2013.During the year 2022-23 Kalinganagar Special Steel Private Limited (KSSPL) VISA Ferro Chrome Limited (VFCL) and VISA Special Steel Limited (VSSL) have ceased to be subsidiaries of the Company w.e.f. 25 November 2022.