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India’s JSW wants majority control of Oman’s new port SPV: JSW Overseas, a subsidiary of India’s second-largest private commercial port operator, inked a definitive agreement to acquire a 51% stake in Omani special-purpose vehicle South Minerals Port Company (SAOC) from state-owned Minerals Development Oman (MDO) for an undisclosed sum, ScanX Trade reports. JSW will nab the equity via a fresh capital subscription into the newly-formed special purpose vehicle (SPV) — leaving MDO with the remaining 49%.
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Tied to a new port built in Dhofar: SAOC will build and operate a USD 419 mn bulk-minerals port in Oman’s Dhofar governorate, designed to handle 27 mn tons of cargo per year, including exports of limestone, gypsum, and dolomite from MDO-linked concessions. Construction is expected to run for about 36 months, with commercial operations due 1H 2029.
Currently pending clearances: Completion is subject to customary regulatory approvals in Oman, with the SPV structure isolating project risk and enabling the port to be financed on the basis of long-term mineral throughput agreements.
The pitch: The move marks JSW’s entry into Oman’s port infrastructure sector and forms part of the company’s plan to lift cargo-handling capacity to 400 mn tons per annum (mtpa) by 2030 — up from 177 mtpa currently.
IN CONTEXT- JSW Infrastructure has also been considering roughly USD 420 mn in capacity upgrades at its Jaigarh and Dharamtar terminals in India, with the Oman transaction effectively adding an international leg to the firm’s expansion efforts.
What’s in it for Oman: The project would bring foreign capital into Oman’s mineral-export corridors and supports Dhofar’s push to widen its economic base beyond hydrocarbons. A dedicated bulk-minerals port gives the Sultanate a way to monetize its limestone, gypsum, and dolomite resources more efficiently, shifting more value into Omani infrastructure rather than relying solely on raw-material concessions.
Minerals angle: This development aids JSW to strategically leverage Oman’s substantial mineral reserves, which are critical inputs for its steel and cement businesses in India while securing a long-term supply security.
