Oman mining and mineral processing industry’s flagship company MDO acquires 14.8% stake in Synergies Casting Oman

The flagship company of Oman’s mining and mineral processing industry, Minerals Development Oman (MDO) has instituted an alliance with Synergies Casting Oman to acquire a 14.8% stake in the company’s shareholding.

In 2017, Synergies Casting Oman was formed as a joint venture between Synergies Castings India and Omani investors to manufacture aluminium alloy car wheels for the automotive industry.

Synergies Casting Oman is envisaging to functionalize an alloy wheel manufacturing plant in Sohar Industrial Estate. The alloy wheel plant that is currently under construction is anticipated to commence commercial operations in Q1 2022.

The alloy wheel plant project with an investment of OMR 42 million is expected with a production capacity of 1.2 million tonnes of alloy wheels and is considered as the pioneering facility in Oman that makes high-end aluminium alloy wheels for the automobiles sector.

The shareholders of the aluminium alloy wheel project incorporate Oman Development Fund, Synergies Castings India, Sultan Special Force Pension Fund, Al Jeel Al Saeid for Business and Sohar International Bank.

MDO has hired 100 Omanis according to the shareholding agreement to occupy several technical and administrative posts within Synergies Casting Oman, intensifying the Omanisation rate up to 58%. Synergies Casting Oman is eyeing even much higher Omanization rates that are outlined to be executed in the future.

Eng Nasser Saif al Maqbali, MDO’s Chief Executive said: “This is an important milestone that MDO is closing the year 2021 with recruiting Omani talent. Boosting Omanization rates in Synergies Casting Oman is an achievement that we are proud of. This project is an essential element within MDO’s vision to promote Oman’s mining sector.”

Eng Ahmed al Mazrouei, Executive Director of Synergies Casting Oman, said: “We are pleased to welcome MDO as a partner in this leading project as it represents a valuable addition to our expansion plans.”

source https://www.alcircle.com/news/oman-mining-and-mineral-processing-industrys-flagship-company-mdo-acquires-14-8-stake-in-synergies-casting-oman-74237