Ispat and Essar may invest in Iranian company

Ispat and Essar may invest in Iranian company

According to recent news in the market, Indian steel producers Ispat Industries and Essar Steel are in talks with the Iranian government to invest in a state-owned steel plant in Iran. Ispat and Essar plan either to acquire stake in the company or to acquire management of the Iranian steel company. However the sources report that Iranian government is not ready to offer any stake in the company yet. The talks with the Indian companies indicate that Iranian government wants to attract foreign investment in the country. Moreover, Iranian government plans to develop and expand steel industry in the country with many new projects.