After an extensive three-year hiatus, the steel
melting shop with a capacity of 700,000 tonnes per annum was re-commissioned
Muscat:
Sohar Steel celebrated a momentous occasion on August 7, officially marking its
revival under the ownership of Jindal Group and Vulcan Investments.
After an extensive three-year hiatus, the steel
melting shop with a capacity of 700,000 tonnes per annum was re-commissioned,
and more than 150 locals were re-employed to operate the plant.
The successful acquisition represents a pivotal
juncture in the steel industry, underscoring Jindal Group's commitment to
fostering social sustainability and economic growth and supporting the nation's
vision for economic diversification.
The official inauguration ceremony was attended
by esteemed personages, including representatives from the Jindal Group and
Sohar Steel employees, who were overjoyed by the much-awaited revitalisation of
the plant.
Harssha Shetty, Senior Official from the Jindal
Group, expressed his elation: "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. This strategic move
aligns harmoniously with our steadfast dedication to Oman's socio-economic
growth, reflecting our resolve to progress Oman's industrial landscape."
The acquisition brings fresh air to the local
community and renews hope for over 150 re-employed talents at Sohar Steel.
Hamed Al Farsi, HR and Admin GM of Sohar Steel
emphasised the company's commitment to nurturing and developing its employees,
saying, "We deeply empathise with the challenges faced by the individuals affected
by the work stoppage and their subsequent joy upon learning about Vulcan
International's acquisition of Sohar Steel. In response, we have taken the
necessary steps to nurture and develop our workforce by providing them with
on-the-job training and assigning them to various departments within the
company."
The acquisition of Sohar Steel aligns with the
Sultanate's aspirations for a prosperous and diversified economy, a vision
shared by the Jindal Group. The group's unyielding dedication to empowering the
local workforce is evident through its initiatives to enable the re-employed
individuals to develop their skills, advance professionally, and experience
social mobility. This commitment bolsters the Sultanate's human capital,
empowering its citizens to contribute significantly to the nation's progress.
Harssha said: “We also thank the Minister of
Commerce, Industry and Investment Promotion, Qais bin Mohammed Al Yousef and
the esteemed members of the Competition Protection and Monopoly Prevention
Centre who played a crucial role in ensuring the smooth and fair completion of
the acquisition process. Their dedication and commitment to upholding fair
practices have made this landmark deal a reality.”
As Sohar Steel enters this new chapter under
the stewardship of Jindal Group and Vulcan Investments, it embarks on a journey
marked by cutting-edge innovations, community-centric values, and a profound
commitment to social sustainability and environmental stewardship. Together,
they are poised to drive ground-breaking initiatives, creating promising
employment prospects and contributing to the realisation of Oman's vision for a
thriving and sustainable future.
Jindal Group is an industrial powerhouse with a
global steel presence and a leading player in the global steel sector. It
bolsters its commitment to the Sultanate of Oman by undertaking several
strategic investments to foster socio-economic growth and support the nation’s
transition to a green, circular economy.
Working in tandem with His Majesty Sultan Haitham
bin Tarik’s Vision 2040 plan to reduce the country's dependency on the oil and
gas sector while diversifying into non-oil-based manufacturing, the group is
flying the flag high. These investments under the Vulcan International Holding
Company include Jindal Shadeed Iron and Steel, Sohar Steel, and Vulcan
Pelletising Plant in Sohar and Duqm Vulcan Green Steel.
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