'Essar beats Jindal in bid for African co’

DURBAN: Essar Energy of Mauritius will buy 60% of state-owned Zimbabwe Iron and Steel, reported the Zimbabwe Independent, without saying where it got the information.

Essar won a bid to gain control of Zisco after competing against Jindal Steel, Sino-Zimbabwe and Sovereign Capital, a group of Zimbabwean and South African investors, the Harare-based weekly newspaper said on its website. The report added that the deal has been approved by Prime Minister Morgan Tsvangirai, President Robert Mugabe and deputy Prime Minister Arthur Mutambara.

Essar is expected to invest more than $60 million in Zisco, as well as cover debts of at least $240 million, it said. Essar Energy is a unit of Essar Global.