Indian firm wins $230m contract from Oman steel mill

Business Tuesday 23/August/2016 17:52 PM
By: Times News Service
Indian firm wins $230m contract from Oman steel mill

Muscat: Shriram EPC FZE, the Sharjah-based subsidiary of India’s Shriram EPC, has bagged a $230 million contract to build a balance of plant for a 1.2 million tonnes per annum mini steel mill project in Sohar.
The steel mill is being developed by Moon Iron and Steel (MISCO), which is promoted by Gulf Investment Corporation, Oman Development Fund and Sultan’s Special Forces Pension Fund. The project debt is funded by a consortium of Oman banks, according to a filing on the Bombay Stock Exchange. The project execution period will be 32 months.
“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 expansion 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.
Shriram EPC is one of the leading service providers of integrated design, engineering, procurement, construction and project management for infrastructure projects in roads, water and sewer, renewable energy, process and metallurgical plants and municipal service projects.