Following close cooperation between the governments of Oman and India, many Indian companies have expressed interest in setting up businesses in the sultanate through joint ventures, particularly to capitalise on opportunities at Freezone Sohar.
A 30-member Indian business delegation, comprising more than 20 companies, was on a two-day visit in Oman. The delegation was hosted by the Oman Chamber of Commerce and Industry (OCCI) on Wednesday.
With many Indian companies looking to set up joint ventures in the sultanate, three companies are in advanced stages of discussions with Freezone Sohar, according to Gautam Ghosh, head of the Indian delegation and representative of the Federation of Indian Chambers of Commerce and Industry (FICCI).
"We have got a very good response in Sohar. Our delegates have received detailed information about Sohar Port and the Freezone," said Ghosh.
Vandana Global Limited, an Indian manufacturer of steel and ferro alloys, is looking to put up a ferro chrome/ferro silicon plant in Freezone Sohar by acquiring mines or partnering mine owners in Oman. "It will take time for us to settle here. We are in discussions with Omani officials and Freezone Sohar," said Mukesh Sharma, president of Vandana Global Limited.
The other two companies in the final stage of discussions are Era Infra Engineering and KLJ Organic. However, the amount of investment to be made by these companies could not be ascertained, as their proposals are still at a nascent stage.
Addressing the Indian delegation, Pankaj Khimji, chairman of the Oman-India Joint Business Council, said that with Oman's infrastructure development ambitions, Indian companies have good opportunities in Oman.
"Indian firms can benefit from the Oman-US free trade agreement. Indian marine sector companies can participate in the development of Duqm Port. Freezone Sohar presents immense opportunities for foreign companies."
Goa Shipyard Ltd, which builds vessels for defence and commercial sectors, is planning to market its patrol vessels in Oman and is also looking to set up a joint venture.
Prabhat Shrivastava, director corporate planning and business development, Goa Shipyard, said, "Sohar presents immense opportunities for us. We have bid to sell four patrol vessels to the Royal Navy of Oman. We are looking for opportunities here in shipbuilding and ship maintenance. We have also got an order from Muscat to build a commercial vessel but that is at an early stage."
© Muscat Daily 2011
