Balasore Alloys and Zimalloys are battling over the fate of the Zimbabwe’s ferrochrome smelter. After India’s Balasore agreed to buy the plant earlier this year for $90-million, the receiver for Zimalloys said Balasore NEVER paid for the shares and appealed to Zimbabwe’s courts to terminate the deal.
Balasore, however, countered that Zimalloys NEVER met the conditions of the sale, including regulatory approvals, getting export licences for chrome more and finalizing ownership claims. Therefore, the company didn’t have to ante up the money. Now the matter is going to the country’s High Court for a final decision.