Zimbabwe government said that it had short listed 6 companies, most of them from outside the country, to take over Zimbabwe Iron & Steel Company.

The government owns a majority stake in Zisco, but wants to off load this to an investor willing to revive the company's operations and take over its huge debt of USD 300 million.

Zisco, which has shut down operations due to lack of capital and other difficulties, is the first company to be earmarked for privatization by the country's new coalition government. The government wants to raise USD 8 billion to revive Zimbabwe's shattered economy.

Mr Welshman Ncube industry minister of Zimbabwe said that six bidders, most of them from South Africa, had been selected and the winner would be announced shortly. He added that "The government will only come up with a winner after a technical team tasked to look into Zisco has presented its findings. The technical team is expected to submit the results of its findings before the end of the month."

It may be noted that among the bidders are ArcelorMittal and Murray and Roberts, both of South Africa and steel companies from India.

(Sourced from www.africanmanager.com)