Jindal Steel & Power Ltd plans a new bid for a majority stake in Zimbabwe Iron & Steel Co to acquire metal production in the African nation.

The report quoted Mr Sushil Maroo deputy managing director of Jindal Steel & Power as saying that “Right now we can only say that we have an interest and that we will bid.”

Mr Welshman Ncube industry minister said that Zimbabwe has invited bids for its 70% stake in the mill, once the second biggest integrated steelmaker in sub Saharan Africa. Earlier offers by Jindal Steel and ArcelorMittal South Africa Ltd were rejected by Zimbabwean president in May because the companies were too big.

Zimbabwe’s government said in its national budget in June 2009 that it plans to seek a partner for Zimbabwe Steel to help expand the company, improve plant efficiency and pay debts.

ZISCO has debts of USD 228 million and is not functional because its blast furnace requires repairs.

(Source: Steel Guru)