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 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”.
The Sohar Steel plant boasts state-of-the-art facilities, including the Bendotti walking beam reheating furnace and automatic tension control, with a production capacity of 700,000 tons per annum. It specializes in manufacturing billets, rebars ranging from 8mm to 32mm. Jindal Group also plans to produce wire rod ranging from 5.5-16mm at its newly acquired plant.
