Jindal Steel and Power plans to re-bid for a controlling stake in Zimbabwe Iron and Steel Company, or Zisco, more than two months after the African company rejected the Delhi-based firm’s earlier bid, according to sources. Jindal Steel renewed its offer after the Zimbabwe government recently invited fresh bids for selling 70% equity stake in the state-run Zisco which also owns iron ore reserves of 100 million tonnes.
Jindal Steel has interest in the deal because apart from owning huge iron ore reserves, Zisco also owns a 0.8 million tonne steel plant that will build its presence in the African market. Zisco also owns limestone mines with reserves of 60 million tonne.
The Zimbabwe government has been looking for a suitor for the cash-starved Zisco, which had piled up debts amounting to about $300 million. The government invited bids last October that saw large companies like Jindal Steel, ArcelorMittal South Africa and Gateway Zimbabwe putting in their bids. Although the bids were later cancelled, concerns over Zisco’s mounting debts forced the government to re-invite the bids.
crackcrack| Company Name | CMP |
|---|---|
| Jindal Steel | 1269.50 |
| Lloyds Metals&Energy | 1622.70 |
| Jai Balaji Inds | 72.59 |
| Steel Exchange India | 8.96 |
| Rajputana Stainless | 125.90 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: