Kolkata-based Visa Steel Limited, a subsidiary of Visa Minmetal AG, has informed that it has entered into a Memorandum of Understanding (MoU) with the Government of Chhattisgarh.

Under the arrangement, the company will set up a 2.5 million TPA Integrated Steel Plant along with other facilities with a proposed investment of Rs 4750 crore in the State of Chhattisgarh.

Visa Steel formerly known as Visa Industries, manufactures pig iron, coke, and chrome concentrates, as well as trades in coal and iron ore fines in India and internationally.

Shares of the company reacted positively to this news and surged 5% to Rs 54.40 on the BSE in early morning trade.