Jindal Group acquires Sohar Steel, ensuring job security for 150 Omani staff
Published: 04:07 PM,Jul 17,2023 | EDITED : 08:07 PM,Jul 17,2023
BUSINESS REPORTER
MUSCAT, JULY 17
Jindal Group and Vulcan Investments have announced the successful acquisition of Sohar Steel, one of Oman’s earliest steel ventures that had remained shuttered for the past three years.
Boasting state-of-the-art facilities, including the Bendotti Walking Beam Reheating Furnace and Automatic Tension Control, Sohar Steel has a production capacity of 700,000 tons per annum and specialises in high-quality steel products ranging from 8 mm to 32 mm rebars and billets. Proposed new products will include wire rods ranging between 5.5 mm to 16 mm.
'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 towards Oman’s socio-economic growth, reflecting our firm resolve to progress Oman's industrial landscape. 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,' expressed Harssha Shetty, Executive Director - Jindal Group Oman.
“We would like to express our deepest gratitude to the Minister of Commerce, Industry and Investment Promotion, His Excellency Qais bin Mohammed al Yousef and the esteemed members of the Competition Protection and Monopoly Prevention Centre 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,” he added further.
This strategic acquisition also enables the re-employment of more than 150 local talents.
Hamed al Farsi, Head of Sohar Steel said, “We deeply empathise with the challenges faced by the individuals affected by their dismissal 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 these individuals by providing them with on-the-job training and assigning them to various departments within the company. To further enhance their capabilities, we have implemented a series of training courses and workshops, aiming to continuously empower and refine their skills. Moving forward, we remain dedicated to evolving our company's strategy and focused on bolstering our production capabilities.”
MUSCAT, JULY 17
Jindal Group and Vulcan Investments have announced the successful acquisition of Sohar Steel, one of Oman’s earliest steel ventures that had remained shuttered for the past three years.
Boasting state-of-the-art facilities, including the Bendotti Walking Beam Reheating Furnace and Automatic Tension Control, Sohar Steel has a production capacity of 700,000 tons per annum and specialises in high-quality steel products ranging from 8 mm to 32 mm rebars and billets. Proposed new products will include wire rods ranging between 5.5 mm to 16 mm.
'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 towards Oman’s socio-economic growth, reflecting our firm resolve to progress Oman's industrial landscape. 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,' expressed Harssha Shetty, Executive Director - Jindal Group Oman.
“We would like to express our deepest gratitude to the Minister of Commerce, Industry and Investment Promotion, His Excellency Qais bin Mohammed al Yousef and the esteemed members of the Competition Protection and Monopoly Prevention Centre 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,” he added further.
This strategic acquisition also enables the re-employment of more than 150 local talents.
Hamed al Farsi, Head of Sohar Steel said, “We deeply empathise with the challenges faced by the individuals affected by their dismissal 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 these individuals by providing them with on-the-job training and assigning them to various departments within the company. To further enhance their capabilities, we have implemented a series of training courses and workshops, aiming to continuously empower and refine their skills. Moving forward, we remain dedicated to evolving our company's strategy and focused on bolstering our production capabilities.”