Business / Companies
NRZ considering joint ventures with strategic partners
17 Oct 2011 at 06:14hrs | Views
The National Railways of Zimbabwe (NRZ) says it is considering joint ventures with strategic partners to mobilise funds in line with the parastatal's US$260 million recapitalisation strategy, ZBC nEws reported on Sunday.
Concerned with the need to regain its market share in the local and regional markets, NRZ is courting strategic partners with a view of injecting fresh capital into its operations.
In an interview witnZBC News in Harare, NRZ General Manager, Retired Air Commodore Mike Karakadzai, said while government as the major shareholder is making frantic efforts to resuscitate operations, the railway utility is also forging ahead with plans to secure fresh funds from willing investors.
"We are courting the partners and we would like to make sure that the initiative becomes a success. We have gone into various projects under public private partnerships and we have tried to refurbish the resources that we have," he said.
The NRZ boss confirmed that they have so far managed to refurbish up to 10 locomotives and more than 1 000 wagons.
While he could not be drawn into divulging the fate of a labour dispute involving employees and management over late payment of salaries saying the matter is before the courts, the NRZ General Manager said the parastatal is still committed to serve the needs of the nation.
NRZ has been affected by sanctions induced financial constraints as well as vandalism of its assets resulting in the parastatal failing to operate at full capacity.
Now the parastatal says it requires at least US$300 million to restore operations to full capacity.
Concerned with the need to regain its market share in the local and regional markets, NRZ is courting strategic partners with a view of injecting fresh capital into its operations.
In an interview witnZBC News in Harare, NRZ General Manager, Retired Air Commodore Mike Karakadzai, said while government as the major shareholder is making frantic efforts to resuscitate operations, the railway utility is also forging ahead with plans to secure fresh funds from willing investors.
"We are courting the partners and we would like to make sure that the initiative becomes a success. We have gone into various projects under public private partnerships and we have tried to refurbish the resources that we have," he said.
While he could not be drawn into divulging the fate of a labour dispute involving employees and management over late payment of salaries saying the matter is before the courts, the NRZ General Manager said the parastatal is still committed to serve the needs of the nation.
NRZ has been affected by sanctions induced financial constraints as well as vandalism of its assets resulting in the parastatal failing to operate at full capacity.
Now the parastatal says it requires at least US$300 million to restore operations to full capacity.
Source - ZBC News
