Deputy Industry and Commerce Minister Mike Bimha today said India’s Essar Group is to take majority control of ZISCO in a deal that is said to be worth up to $500 million. Bimha said Essar Africa would buy a 54 percent stake in ZISCO, with the government keeping 36 percent and 10 percent going to small private investors. President Robert Mugabe in May rejected shortlisted bids from the South African unit of ArcelorMittal and India’s Jindal Steel saying the companies were too big.
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