Zimbabwe: Indian Investor to Settle $50m Debt

7 November 2017

Good times are beckoning for Gweru based ferrochrome producer, Zimbabwe Alloys after an Indian Investor, Balasore Alloys Group, injected $100 million into the limping firm as well as clearing its debt. The firm is currently under judicial management supervised by Grant Thornton International. Balasore Alloys Group, formerly Ispat Alloys Limited, is part of the renowned Ispat group of Companies, a major business house in India.

The group's companies are spread across six countries including Libya, Bosnia, Philippines, Azerbaijan and Uzbekistan. The other Group of Companies in India are Ispat Industries Limited, Ispat Metallics India, Ispat Profiles India and Gontermann Peipers India. Balasore Alloys was incorporated in the year 1984 at Balasore, Orissa and at present it has five furnaces with total capacity of 57 MVA to produce 95,000 MT bulk Ferro Alloys per annum.

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