Essar finalising US$750mln Zisco deal

Mumbai : INDIAN conglomerate Essar said on Wednesday it expected to wrap up a $750-million investment in Zimbabwean steel maker Zisco within two to three weeks, with first production arriving in 12 to 15 months. The African unit of Essar Group, in November agreed to buy 54 percent in the Zimbabwe Iron and Steel Company (ZISCO), with the government keeping 36 percent and 10 percent owned by minority investors.

"We are (also) in the process of finalising an investment in some coal operations in Zimbabwe," said Essar director of Middle East and African operations, Firdhose Coovadia in Cape Town. "These are both metcoal and thermal coal which will both supply the steel-making business but going forward also be available for export."