Kolkata-based steel maker Visa Steel has announced its decision to sell 49 per cent of its stake in its subsidiary Visa Coke to NYSE-listed SunCoke Energy for Rs 368 crore.

The stake deal, which is a part of Visa Coke's corporate debt restructuring programme, is expected to help Visa Steel to leverage its existing businesses and raise funds.

Confirming the deal, Visa Steel Chairman Vishambhar Saran said, "This is a great opportunity for Visa Steel to partner with SunCoke, known for its operating and technological expertise, to grow the coke business."

In September, Visa Steel had announced that its board had endorsed its debt's restructuring and that it had entered into a CDR programme. In October, the company had transferred the coke oven assets to Visa Coke.

Visa Steel has been reporting huge losses for the last few quarters. For the financial year, it reported a net loss of Rs 118.85 crore. During the first quarter of the current financial year, the company suffered a net loss of Rs 108.67 crore. In the three months to September 30, it suffered a loss of Rs 36.73 crore.

Following the stake sale, the joint venture will be renamed Visa SunCoke.

The deal is expected to conclude in the first quarter of next year, subject-to customary conditions, including Visa Steel shareholders' approval.