Sohar Steel will play a vital role in
propelling industrial development and fortifying the sultanate’s infrastructure
Muscat – Jindal Group and
Vulcan Investments, an industrial conglomerate based in Oman, successfully
completed the acquisition of Sohar Steel after an extensive and notable
three-year hiatus.
This achievement serves as a pivotal juncture
in the steel industry, highlighting Jindal Group’s persistence to fostering
social sustainability and economic growth, supporting the nation and promoting
economic diversification.
“The successful acquisition of Sohar Steel
represents an extraordinary stride forward for Jindal Group, cementing our
position as a prominent leader in the steel industry,” said Harssha Shetty, a
senior official from the Jindal Group Oman, expressing “deepest gratitude” to H
E Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment
Promotion; and the members of the Competition Protection and Monopoly
Prevention Centre (CPMPC) for “their invaluable support and cooperation in
approving the acquisition of Sohar Steel”.
“Their dedication and commitment to ensuring
fair practices have played a pivotal role in making this landmark deal a
reality,” Shetty acknowledged.
Strategically located in Oman adjacent to the
seaport of Sohar, Sohar Steel, will play a vital role in propelling industrial
development and fortifying the sultanate’s infrastructure.
Boasting state-of-the-art facilities, including
the Bendotti Walking Beam Reheating Furnace and Automatic Tension Control, the
plant possesses a production capacity of 700,000 tonnes per annum, specialising
in high-quality steel products ranging from 8mm to 32mm rebars, billets and the
proposed new products wire rods ranging between 5.5mm to 16mm.
“This strategic move aligns harmoniously with
our steadfast dedication towards Oman’s socio-economic growth, reflecting our
firm resolve to progress Oman’s industrial landscape,” Shetty noted.
“By amalgamating cutting-edge innovations and
leveraging our extensive expertise, we stand poised to drive ground-breaking
initiatives, create promising employment prospects and contribute to the
realisation of the country’s vision for a thriving and sustainable future.
Together, we shall forge ahead, transforming challenges into opportunities and
shaping a vibrant and resilient economy for generations to come,” he further
added.
The highly fruitful revival of the plant serves
as a testament to Jindal Group’s proactive approach and unyielding dedication.
Through its involvement, the group has breathed new life into the facility,
revitalising its prosperous operations and fostering an atmosphere of optimism
within the local community.
This strategic acquisition stretches far beyond
the re-employment of more than 150 local talents; it aligns with the
sultanate’s aspirations for a prosperous and diversified economy.
Furthermore, this acquisition underscores Jindal
Group’s profound commitment to nurturing local talent and providing ample
opportunities for growth. By enabling the re-employed individuals to develop
their skills, advance professionally and experience social mobility, Jindal
Group bolsters the sultanate’s human capital, empowering its citizens to
contribute significantly to the nation’s progress.