After a depressed FY09, Kolkata-based Visa Steel posted a revenue growth of 12.59% to Rs 1,171 crore for FY10 compared to Rs 1,040 crore in the last fiscal. For the same period, profit after tax was pegged at Rs 47.42 crore against a loss of Rs 66.81 crore in FY09.

For Q4, it clocked revenue growth of 40.25% to Rs 407.28 crore and a PAT of Rs 16.51 crore against a loss of Rs 110.68 crore during the corresponding period last fiscal.

With market sentiments reviving, for FY11 the top management expects both topline and bottomline to improve. ?We expect a topline growth of Rs 1,800-2,000 crore this fiscal,? said Vishambhar Saran, chairman, Visa Steel.

Saran said the first phase of the .5 million tpa special steel melt shop is expected to be operational by November-December this year. ?We have applied at three-four places for iron-ore mining leases. We have a gross requirement of 1 mn tonne of iron ore requirement and buy from private players,? he added.

The company plans to expand to 2.5 mt in Orissa, set up a 2.5 mt plant in Chattisgarh. ?We have acquired 250 acres at Raigarh, we will need 1,000 acres in all, the land acquisition process is on,? said Vishal Agarwal, MD. For the Chattisgarh unit, it plans to invest Rs 2,500 crore for the first phase, work on which is expected to start end of the year. The total project cost is pegged at Rs 8,000 crore.

Talking about its JV with Baosteel Resources of China, Saran said Visa Bao was setting up 100,000 tpa ferro chrome plant at Kalinganagar in Orissa. Saran said the company was also looking at value-added steel production with Bao. ?Bao is interested in investing in value-added steel as well as value-added inputs from India and now this JV is the principal vehicle for investment,? said Saran.