Zimbabwe must revise an agreement with Essar Africa Holdings Ltd. because it doesn’t comply with the country’s black ownership law, NewsDay reported, citing Mines Minister Obert Mpofu.
Essar, a unit of Mumbai-based Essar Group, owns 80 percent of New Zimbabwe Steel Ltd., formerly the Zimbabwe Iron and Steel Co., under a deal approved by the Cabinet, the Harare-based newspaper said.
Essar bought the state-owned steel group for a reported $750 million in March last year in an accord brokered by Industry Minister Welshman Ncube.
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