Essar group is expanding its presence in Africa; the company is planning to set up a ten-million-tonne port in Mozambique costing USD 275M.
This port will facilitate exports from Zisco, a Zimbabwe-based company acquired in 2010 in which Essar spent USD 750M for a 56% stake. The group had plans to bring back iron ore from the Zimbabwe company back to India.
The port project work is undertaken the group’s African subsidiary, Essar Africa Holdings, and is not a part of the group’s Essar Ports.
A port in Essar’s African portfolio will add to its many businesses. The company currently holds 50% interest in Kenya Petroleum Refinery at Mombassa and also has telecom operations in Kenya under the brand name Yu with over three million subscribers.
