Oman, Indian firm sign joint venture for aluminium plant

June 23rd, 2008 - 5:05 pm ICT by IANS  

Dubai, June 23 (IANS) The Oman government has entered into a joint venture agreement with an Indian company to set up an aluminium plant in that Gulf nation. Takamul Investment, a venture capital fund set up by Oman’s state-run energy investment vehicle Oman Oil Company (OOC), signed an agreement with Bangalore-based Future Metals to set up the new plant in Oman’s Sohar Industrial Estate, the Gulf News reported.

According to the agreement, Future Metals will have a 70 percent stake in the joint venture while the rest will be held by Takamul.

Based on the agreement, the two sides will set up an aluminium rod extrusion plant at the Sohar Industrial Estate using hot metal from Sohar Aluminium’s newly operational $2.4-billion smelter.

Oman is developing a downstream aluminium park in Sohar, earmarked exclusively for projects that will utilize hot metal from the giant smelter.

The $500-million Future Metals has offices outside India in Africa, Europe and the Middle East.

Located 220 km from Oman’s capital Muscat and 180 km from Dubai, the Sohar Industrial Estate is working on a major expansion of its facilities, especially those involving aluminium and plastic projects.

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