Indian commercial port operator JSW Infrastructure has entered into an agreement with Minerals Development Oman (MDO) through which JSW subsidiary JSW Overseas will help develop and operate a 27 million tonnes per annum capacity port.
The construction phase is expected to span 36 months, targeting a commencement of commercial operations in the first half of calendar year 2029.
As part of the collaboration, JSW Overseas entered into a share subscription and purchase agreement (port SPV) with South Minerals Port Company, a newly incorporated entity established by the MDO.
JSW Infrastructure, through JSW Overseas, has agreed to subscribe to a 51 per cent stake in the port SPV, subject to the fulfilment of customary conditions precedent set out under the agreement.
JSW Overseas will hold a majority equity stake of 51 per cent in the port SPV, while the remaining 49 per cent will be held by MDO.
The port SPV has been established to spearhead the development and operation of a Greenfield port facility that will support an industrial minerals project in the Dhofar Governorate of Oman.