Bloomberg reported that Jindal Steel & Power Ltd has bid for a majority stake in Zimbabwe Iron & Steel Co as part of an overseas expansion program.

Mr Sushil Maroo director of Jindal Steel said that the company is also looking for coal mines in the African nation and aims to tap steel demand in the region without giving more details.

Dow Jones on November 10 citing an unidentified person familiar with the matter reported that a group led by Jindal Steel has been shortlisted as one of two bidders for state owned Ziscosteel.

The report said that Zimbabwe’s government said in its national budget in June it plans to seek a partner for Ziscosteel to help expand the company, improve plant efficiency and pay debts. The company, the largest integrated steelmaker in sub Saharan Africa after ArcelorMittal South Africa Ltd stopped operations last year following the global recession.

Zimbabwe which owns 89% of Ziscosteel aims to sell a 60% stake in the company. The South African unit of ArcelorMittal, the world’s largest steelmaker, is the other bidder.

(Sourced from Bloomberg)