An Indian investor has snapped a controlling stake in ferrochrome producer, Zim Alloys, paving way for the full scale operations of the company.
The proposed injection of $100 million into Zim Alloys was approved by its creditors, investors and shareholders at a meeting in the capital this week.
The company’s judicial manager Mr Bulisa Mbano confirmed to the ZBC News that the investor, Balasore Alloys Limited, will assume control of the company next year.
The creditors and investors of the firm also endorsed several capital raising plans.
Zim Alloys was placed under judicial management a few years ago on the back of funding constraints.