News / National
NRZ to look for private partnership
23 Apr 2017 at 00:31hrs | Views
The cabinet has given the nod for the National Railways of Zimbabwe (NRZ) to look for private partnership in its recapitalisation drive in a move that could see the ailing parastatal turning around its fortunes for better.
The move has given the ailing NRZ a fresh impetus.
Addressing journalists in Bulawayo, NRZ board chairman Mr Larry Mavhima says they will soon open bids for interested partners as his company seeks US$400 million to get back to full capacity utilisation.
Mr Mavhima says the company has since received interests from 20 companies with more expected to come on board once the bids become official.
On the US$92 million debt the company owes its employees in salaries, Mr Mavhima says the company is willing to pay its workers, but this will have to wait until the parastatal gets back to operate on full throttle.
NRZ is also looking at creating new routes in future with inside information indicating that the human resources committee is working round the clock to rationalise the company's workforce by laying off around 2000 non essential staff as part of its turnaround strategy.
The move has given the ailing NRZ a fresh impetus.
Addressing journalists in Bulawayo, NRZ board chairman Mr Larry Mavhima says they will soon open bids for interested partners as his company seeks US$400 million to get back to full capacity utilisation.
Mr Mavhima says the company has since received interests from 20 companies with more expected to come on board once the bids become official.
On the US$92 million debt the company owes its employees in salaries, Mr Mavhima says the company is willing to pay its workers, but this will have to wait until the parastatal gets back to operate on full throttle.
NRZ is also looking at creating new routes in future with inside information indicating that the human resources committee is working round the clock to rationalise the company's workforce by laying off around 2000 non essential staff as part of its turnaround strategy.
Source - ZBC
