JSPL bid to acquire Ziscosteel rejected


Jindal Steel & Power Ltd's (JSPL's) attempt to acquire the Zimbabwe Iron & Steel Company (Ziscosteel) has failed. The Zimbabwe government has decided that they will not sell the company to large corporations.
JSPL and Lakshmi Mittal-owned Arcelor Mittal were among the main suitors for Ziscosteel, which is 89 per cent owned by the Zimbabwe government.
The technical team which analysed the bids of interested players has recommended not to accept these proposals as the interests of the bidders "could overwhelm Ziscosteel and work against the wishes and interests of the country
Ziscosteel has debt of around $300 million (Rs 1,390 crore) and its plant had stopped operations in 2008 post the economic meltdown. This year to revive the company, Zimbabwe government had made an announcement to privatise Ziscosteel.
Source : JSPL bid to acquire Ziscosteel rejected

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