Zimbabwe Wants Essar Steel Agreement Revised, NewsDay Reports

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.