India’s Shriram group establishes new company in Oman

Muscat: Shriram EPC Sharjah has decided to set up a limited liability company in Oman with a capital of OMR150,000, with Arken Group LLC. Shriram EPC Sharjah will hold 70 per cent in the capital of the Omani firm—Shriram EPC Muscat LLC.
Shriram EPC (FZE) Sharjah is a wholly-owned subsidiary of India’s Shriram EPC, according to a disclosure posted on the Bombay Stock Exchange.
Shriram EPC offers design, engineering, procurement, construction and project management services for infrastructure projects. Shriram EPC and Sharjah had said earlier that the company has bagged a $230 million contract to build a balance plant for a 1.2 million tonnes per annum mini mill project in Sohar from Moon Iron and Steel Co. The project execution is expected to take 32 months.
The Moon Iron and Steel is an Oman-based company, with investments from Gulf Investment Corporation, the Oman Development Fund and Sultan’s Special Forces Pension Fund. The project debt is funded by a consortium of Omani banks.
“The recent order win is a big step forward for the company through our 100 per cent subsidiary.The order win demonstrates the operating excellence of our team. Given the slowdown in the steel and metals business in India with capacity expansions on hold, this overseas order will enable us to maintain and strengthen our position in this sector. It will also give us a strong base to expand our business in the Middle East market,” said T Shivaraman, managing director and chief executive officer of Shriram EPC Limited.