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JSW Infrastructure Ltd has signed definitive agreements to acquire a 51% stake in South Minerals Port Company SAOC, a newly incorporated port special purpose vehicle (SPV) in Oman, through its step-down subsidiary JSW Overseas FZE. The agreement, executed on November 17, was disclosed to the exchanges in a regulatory filing.
Under the deal, JSW Overseas FZE will subscribe to 51% of the SPV’s equity and purchase an additional nominee share, making the Omani entity a step-down subsidiary upon completion.
The Port SPV has been set up by Minerals Development Oman (MDO), the state-owned mining and development entity. A separate shareholders’ agreement has also been executed between JSW Overseas FZE and MDO to govern rights and obligations.
The Port SPV will develop, own and operate a 27 million tonnes per annum (MTPA) greenfield port in Oman’s Dhofar Governorate, with a total project capex of $419 million.
Construction is expected to span 36 months, targeting commencement of commercial operations in the first half of 2029.
Sajjan Jindal, Chairman of JSW Group, said the collaboration “marks a proud milestone in strengthening the historic ties between India and the Sultanate of Oman,” adding that the investment aims to deepen regional trade connectivity and set a “new benchmark for regional growth.”
Oman’s location on major maritime routes, its mineral reserves, and growing industrial ecosystem position the port as a critical gateway for bulk mineral exports, especially limestone, gypsum and dolomite—key raw materials for India’s steel and cement sectors.
The project also aligns with Oman’s Vision 2040 and JSW Infrastructure’s long-term plan to expand its cargo-handling capacity to 400 MTPA by 2030, up from 177 MTPA currently, the company said.
Shares of JSW Infrastructure closed marginally higher at ₹281.60, up 0.09%, ahead of the announcement.
For context, in October the company reported a 2.8% YoY decline in Q2 profit to ₹361.2 crore, even as revenue grew 26.4% YoY to ₹1,265.6 crore.
JSW Infra has also earmarked ₹9,000 crore for its logistics expansion and recently signed a 30-year concession for modernising berths at Kolkata’s Netaji Subhash Dock, part of its broader push to build an integrated logistics and port network.
