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Essar port in Mozambique

Ports & Shipping
March 1, 2013March 1, 2013
Essar port in Mozambique
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The Essar Group is planning to set up a 10-million tonne (mn t) port in Mozambique, at a cost of $275 million (Rs 1,496 crore). This port will facilitate exports from Zimbabwe Iron and Steel Company (ZISCO), a Zimbabwe-based company it acquired in 2010. Essar spent $750 million for a 56 per cent stake in the company. The group had plans to bring back iron ore from the Zimbabwe company to India. A port in Essar’s African portfolio would add to its many businesses in the continent.

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