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Indian company in the race for takeover of Iranian steel major

Written by: Staff

Dubai, Feb 26 (UNI) An Indian company is in the race to buy one of West Asia's largest steel producing companies, the Isfahan-based Mobarakeh Steel Company of Iran.

According to a company official, who did not divulge the Indian bidder's name, a Russian firm has also shown interest, but the deal would only be completed after the government launches a formal international bid for its sale.

The production of steel by the company, in the past three years has been about three million tonnes annually, according to media reports.

Production is expected to touch four million tonnes by the end of the fiscal in March, the company official added.


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