24 May 2010
MUSCAT -- The overall business capacity of Sohar Port has been much strenghtened by the decision of giant Indian steel firm, Jindal Steel and Power Ltd, which has immense worldwide resources, to acquire an iron ore plant at Sohar, which was previously being built by the UAE firm, Al Ghaith Holdings.The price has been set at $464 million.
It is understood that the Government of Oman facilitated completion of the deal seeing it in the best interests of the port's future expansion. Jindal Steel is an international name of great importance in the steel industry with interests in the United States, the United Kingdom, Indonesia, Turkey, Singapore, Switzerland and Spain.
It is said to be interested in further expansion in both the Middle East and Africa, so the acquisition of a plant in Sohar is a logical move for this worldwide industrial giant.
The deal means that Jindal Steel and Power will take over the plant being built by Shadeed Steel Co, owned by a UAE company, Al Ghaith Holdings. It has been building a plant with a capacity of 1.5 million tonnes per annum, which is expected to be operational around the end of the year.
Jindal Steel and Power has already shrugged off at least some of the effects of a worldwide recession by further investments in steel power and mining businesses in South America, Africa and Asia.
The decision of a firm of global significance to invest heavily in Sohar will create its own momentum, and will further increase the international reputation of Sohar as a world industrial port able to attract major international companies. Senior executives at the port are said to be delighted at the fact that the link-up with the Indian steel giant has become a reality.
MUSCAT -- The overall business capacity of Sohar Port has been much strenghtened by the decision of giant Indian steel firm, Jindal Steel and Power Ltd, which has immense worldwide resources, to acquire an iron ore plant at Sohar, which was previously being built by the UAE firm, Al Ghaith Holdings.The price has been set at $464 million.
It is understood that the Government of Oman facilitated completion of the deal seeing it in the best interests of the port's future expansion. Jindal Steel is an international name of great importance in the steel industry with interests in the United States, the United Kingdom, Indonesia, Turkey, Singapore, Switzerland and Spain.
It is said to be interested in further expansion in both the Middle East and Africa, so the acquisition of a plant in Sohar is a logical move for this worldwide industrial giant.
The deal means that Jindal Steel and Power will take over the plant being built by Shadeed Steel Co, owned by a UAE company, Al Ghaith Holdings. It has been building a plant with a capacity of 1.5 million tonnes per annum, which is expected to be operational around the end of the year.
Jindal Steel and Power has already shrugged off at least some of the effects of a worldwide recession by further investments in steel power and mining businesses in South America, Africa and Asia.
The decision of a firm of global significance to invest heavily in Sohar will create its own momentum, and will further increase the international reputation of Sohar as a world industrial port able to attract major international companies. Senior executives at the port are said to be delighted at the fact that the link-up with the Indian steel giant has become a reality.
By Maurice Gent
© Oman Daily Observer 2010
