Essar Group to invest $750 mn in ZISCO
Steel

Essar Group to invest $750 mn in ZISCO

Essar Africa Holdings, an arm of India’s Essar Group, is planning to invest $750 mn to resume production at the Zimbabwe steel firm, ZISCO. ZISCO, which stopped production two years ago, is expected to produce 1 mn tonne of steel a year, which will be sold locally and in international markets. Essar Africa Holdings has agreed to buy a 54 per cent share in ZISCO, with the government keeping 36 per cent and the rest 10 per cent owned by minority investors.

Contact: Essar Group. Tel: 022-5001 1100, 6660 1100. Fax: 022-6660 1809. E-mail: www.corporatecommunications@essar.com

Essar Africa Holdings, an arm of India’s Essar Group, is planning to invest $750 mn to resume production at the Zimbabwe steel firm, ZISCO. ZISCO, which stopped production two years ago, is expected to produce 1 mn tonne of steel a year, which will be sold locally and in international markets. Essar Africa Holdings has agreed to buy a 54 per cent share in ZISCO, with the government keeping 36 per cent and the rest 10 per cent owned by minority investors. Contact: Essar Group. Tel: 022-5001 1100, 6660 1100. Fax: 022-6660 1809. E-mail: www.corporatecommunications@essar.com

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