Indian firm wins $230m Sohar steel mill contract

August 23: Indian engineering firm Shriram EPC announced yesterday that its 100 per cent subsidiary Shriram EPC FZE, Sharjah has been awarded an overseas contract for an amount of $230 million (around INR 1,530 crore) for the construction of the remainder portion of a 1.2 MTPA mini mill project in Sohar.

The project execution timeframe is around 32 months.

In a filing to the Bombay Stock Exchange, the company described Moon Iron and Steel as an Oman based company with investments from Gulf Investment Corporation, Oman Development Fund and Sultan’s Special Forces Pension fund. The project debt is funded by a consortium of Omani banks.

Shriram EPC is engaged in the business of engineering, procurement, construction and project management services for power plants, renewable energy projects, process and metallurgical plants and municipal service sector projects.