A giant Indian steel company, Sunflag Iron and Steel C ompany, announced Friday it had put in a joint bid for a stake in the Zimbabwe Iron and Steel Company (Zisco ), a huge state-controlled firm.
Zimbabwe has announced plans to privatise Zisco and other state enterprises, and has invited bids from local and foreign investors.
Officials said the Indian firm had teamed up with a local investor, and put in a bid of US$180 million for a stake in Zisco.
“We have made plans to revive Zisco and we have submitted our proposal to the go vernment and we are still waiting for the response,” an official said.
“We are bidding for the tender. If we get a positive response, definitely we are ready to work in partnership with the government,” added the official.
Most state enterprises in Zimbabwe are under-performing and are a huge drain on the economy.
As a result, the government has decided to privatise some of them.