Jindal Steel & Power Ltd's (JSPL's) attempt to acquire the Zimbabwe Iron & Steel Company (Ziscosteel) has failed. The
JSPL and Lakshmi Mittal-owned Arcelor Mittal were among the main suitors for Ziscosteel, which is 89 per cent owned by the
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,
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