Bank
Muscat and India’s industrial conglomerate Jindal Group marked a
celebration in New Delhi to commemorate the successful financial closure
of US$725mn facility for Jindal Shadeed Iron & Steel.
The ceremony coincided with the visit to
India of a high-level Omani business delegation led by H E Dr Ali al
Sunaidi, Minister of Commerce and Industry, along with representatives
from various public and private sector companies, as part of the B2B
Oman-India roadshow.
In June this year, Bank Muscat arranged the
US$725mn syndicated term loan facility for Jindal Shadeed Iron &
Steel. The facility was arranged by Bank Muscat together with a
consortium of 11 banks.
The consortium comprising banks from Oman,
other Gulf countries and India included Bank Muscat, Qatar National Bank
SAQ; Qatar National Bank, Oman; National Bank of Oman; Al Khaliji
Commercial Bank; BankDhofar; Bank Sohar; Ahli Bank Bahrain; Ahlibank
Oman; State Bank of India, Dubai and State Bank of India, Oman.
The facility was oversubscribed with
commitments in excess of US$855mn received as against the required
commitment of US$725mn. The entire facility was structured and arranged
by Bank Muscat, which was also mandated as the facility agent, account
bank and security agent for the facility.
AbdulRazak Ali Issa, chief executive of Bank
Muscat, thanked the consortium banks for the successful financial
closure of the facility. Issa said, “Oman has always facilitated a
conducive environment for overseas investors, including Indian
investors, to set up projects in the country and this has played a
pivotal role in helping Oman to achieve its Vision 2020 economic
objective of diversifying from oil as a major source of income to other
allied activities such as metals, downstream oil and gas etc.”
Naveen Jindal, chairman of Jindal Steel &
Power Ltd (JSPL), said, “We are committed to building a comprehensive
steel manufacturing facility in the sultanate. Huge infrastructure
spending in the Middle East is driving a strong demand for steel and
fuelling investment in steel projects. We see great synergy in this
tie-up with Bank Muscat which will help us drive our expansion projects
in Oman.”
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