JSW Infra to Buy 51% in Omani Port SPV for $419 Million

JSW Infrastructure Ltd. on Monday said its step-down unit, JSW Overseas FZE, has signed an agreement with a state-owned entity in Oman to acquire a 51% stake in a special purpose vehicle that will develop and operate a new port facility. The project is estimated to cost 419 million dollars, the company said in an exchange filing.

The SPV, South Minerals Port Company SAOC, was recently set up by Minerals Development Oman SAOC and has not yet commenced operations. JSW Infra said the transaction is expected to close within 60 days of meeting all conditions precedent under the definitive agreements.