The Indian steelmaker Ispat International, part of the LNM Group, has acquired a 70 percent stake in the Algerian steel company Alfasid and some of the subsidiaries of the Algerian state-owned iron and Phosphate Company Ferphos, M2.com reported.
The value of the deal was not revealed but Ispat has agreed to invest $400 million in the ventures with $175 million to be spent in the first decade, said the London-based publishing and media website.
Alfasid, according to the reporter, will now be renamed Ispat Annaba while El-Quneza and Bukhadra, the former subsidiaries of Ferphos, will be called Ispat Tebessa – Albawaba.com
