JSPL to bid for 60pc stake in Zisco
Sunday, 13 June 2010
NEW DELHI, June 12 (Economic Times): Naveen Jindal-owned Jindal Steel and Power has launched a bid to buy a 60-per cent stake in ailing Zimbabwe Iron and Steel Company (Zisco) in a deal that will deepen its presence in Africa and secure it significant iron ore reserves.
JSPL was drawn to the deal because the government-owned Zisco owns iron ore reserves of 100 million tonne, said Africa business head Ashish Kumar. "Since we are already operating in Mozambique and South Africa, the acquisition of Zisco would give us a wider reach in the continent," he said.
JSPL was drawn to the deal because the government-owned Zisco owns iron ore reserves of 100 million tonne, said Africa business head Ashish Kumar. "Since we are already operating in Mozambique and South Africa, the acquisition of Zisco would give us a wider reach in the continent," he said.