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Saturday, Aug 28, 2004

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Visa Ind completes financial closure for steel project

Our Bureau

Mumbai , Aug. 27

VISA Industries Ltd, the Orissa-based manufacturing arm of the Visa Group, completed its financial closure for the initial part of its integrated steel and stainless steel project at the Kalinganagar Industrial Complex.

The total investment is around Rs 124 crore, against which the company has brought in equity capital of Rs 44 crore.

Visa Industries has been granted a term loan of Rs 80 crore at an interest rate of 10 per cent a year by State Bank of India.

Under phase one of the one-million-tonne project, Visa is setting up a 250-cu-m blast furnace for producing 2,25,000 tonnes a year pig iron, a five-MW heat recovery power plant and a 0.5-million-tonne iron ore crushing and screening plant.

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