Sohar Steel celebrated a momentous occasion, 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 thousand tons 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, His Excellency 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'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.