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Indian, Iranian Companies Line Up to Buy ESCO Majority Stake

Social Security Organization’s financial obligations as well as the heavy burden of underperforming assets on its investment arm and ESCO’s majority stakeholder, SSIC, have prompted the SSO subsidiary to try lightening its portfolio by about $2.85 billion
ESCO is Iran’s oldest steelmaker and the largest producer of structural steel.ESCO is Iran’s oldest steelmaker and the largest producer of structural steel.
SSIC controls a 55.99% stake in ESCO, which is listed on Iran Fara Bourse’s second market with a total of 22.27 trillion rials ($530.3 million) in market capitalization

Esfahan Steel Company's major shareholder is planning to sell its stake in the veteran Iranian steelmaker and potential domestic and foreign buyers have already lined up, the managing director of majority stakeholder Social Security Investment Company said.
Rumors had it this week that the block shares' main buyers were two domestic firms as well as an Indian company.
Morteza Lotfi, the head of SSIC, verified the rumors late last week...

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