Indian Essar group (Essar) is planning to spend about US$275 million to set up a ten million ton port in Mozambique.
The port will facilitate exports from Zisco, a Zimbabwe based company Essar acquired in 2010 with 56% stake that cost US$750 million. The group had plans to bring back iron ore from Zisco back to India.
The port project is undertaken by Essar's African subsidiary, Essar Africa Holdings. According to a top company official, the project is still on drawing boards.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63270&division=A9
