JSW Infrastructure Ltd has signed definitive agreements to acquire a 51% stake in South Minerals Port Company SAOC, a newly incorporated special purpose vehicle (SPV) in Oman, the company said in a regulatory filing on November 17.
The acquisition will be executed through JSW’s step-down subsidiary JSW Overseas FZE, which will subscribe to 51% of the SPV’s equity and purchase an additional nominee share. Upon completion, the Omani port SPV will become a step-down subsidiary of JSW Infrastructure.
Strategic Partnership With Oman’s State-Owned MDO
The Port SPV has been established by Minerals Development Oman (MDO), the country’s state-owned mining and development firm. JSW Overseas FZE and MDO have also signed a shareholders’ agreement outlining rights, obligations and governance structure for the project.
$419 Million Greenfield Port in Dhofar
The SPV will develop, own, and operate a 27 million tonnes per annum (MTPA) greenfield port in Oman’s Dhofar Governorate, with a total project cost of $419 million.
Construction is expected to take 36 months, with commercial operations targeted to begin in the first half of 2029.
Strengthening India–Oman Economic Ties
JSW Group Chairman Sajjan Jindal said the collaboration “marks a proud milestone in strengthening the historic ties between India and the Sultanate of Oman,” adding that the investment will enhance regional trade connectivity and set a “new benchmark for regional growth.”
Oman’s strategic geographic position along major maritime routes, coupled with its abundant limestone, gypsum, and dolomite reserves, makes the port a key future gateway for bulk mineral exports—especially for India’s steel and cement industries.
Aligned With Oman Vision 2040 and JSW Infra’s Growth Plans
The port project supports Oman Vision 2040 and aligns with JSW Infrastructure’s plan to ramp up its cargo-handling capacity to 400 MTPA by 2030, up from 177 MTPA currently.
Shares of JSW Infrastructure closed slightly higher at ₹281.60, up 0.09%, ahead of the announcement.
Broader Expansion Strategy
In October, JSW Infrastructure reported a 2.8% YoY decline in Q2 profit to ₹361.2 crore, even as revenue rose 26.4% YoY to ₹1,265.6 crore.
The company has earmarked ₹9,000 crore for logistics expansion and recently secured a 30-year concession to modernize berths at Kolkata’s Netaji Subhash Dock, part of its long-term strategy to build an integrated ports and logistics ecosystem.