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| JSPL to make fresh offer for Zimbabwe steel-maker ZISCO |
| Press Trust of India / New Delhi Aug 31, 2010, 21:45 IST |
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 Industrialist Naveen Jindal-led Jindal Steel and Power (JSPL) today said it is considering making a fresh bid for a 70 per cent stake in Zimbabwe-based steel-maker ZISCO.
The company's move comes within days of the African nation reinviting bids for the steel plant, which has captive reserves of over 100 million tonnes.
"We may re-bid for ZISCO, but a final decision will be taken before the September 24 deadline," Jindal Steel and Power (JSPL) Whole-Time Director Sushil Maroo said.
Maroo said the company keeps looking at such opportunities across the globe.
In May, the Zimbabwe government had rejected bids by Jindal Steel and ArcelorMittal South Africa for ZISCO, citing the "big size" of the companies. The subsidiary of the world's largest steel-maker had reportedly put in a bid in excess of $500 million for ZISCO.
Last year, Zimbabwe had invited bids for a 70 per cent stake in the mill, which has an annual production capacity of about a million tonnes.
Redcliff-based ZISCO is reported to have debt of nearly $300 million. The plant was shutdown on account of technical issues in 2008, according to media reports.
JSPL is upbeat about the acquisition of assets overseas. In May, it entered into pact to acquire Oman-based Shadeed Iron & Steel for $464 million.
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