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Three Foreign Firms Shortlisted For Strategic Stake in Zimbabwe's Ziscosteel

  • Gibbs Dube

Industry Minister Welshman Ncube said the three short-listed companies are Jindal Steel and Power of India, Sino-Zimbabwe of China and Essar Global Limited, an Indian-registered Mauritian firm

Zimbabwe's Ministry of Industry and Commerce has given the national unity government a short list of three foreign companies seeking a strategic stake in the Zimbabwe Iron and Steel Company or Ziscosteel.

Industry Minister Welshman Ncube identified the three short-listed companies as Jindal Steel and Power of India, Sino-Zimbabwe of China and Essar Global Limited, an Indian-registered firm based in Mauritius.

Sino-Zimbabwe is believed to be linked to China Sonangol Holdings which bid for the stake in Ziscosteel.

Jindal Steel and Power of India submitted a bid earlier this year that was rejected by the Harare government on grounds that it did not state how the company would deal with Ziscosteel’s US$300 million debt.

The Mauritian-based Essar Global Limited is tipped to win the bid.

Industry Minister Ncube told VOA Studio 7 reporter Gibbs Dube that the principals are expected to select the winner of the tender within the next few days.

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