Oman: Indian firm acquires 51% of Towell's MEP arm
Blue Star Oman Electro-Mechanical Co, the newly-formed joint venture following the acquisition, aims to capture 10% of Oman's MEP market
Blue Star, an Indian engineering firm, has acquired 51% stake in a subsidiary of WJ Towell.
Oman Electro-Mechanical Contracting, a fully-owned subsidiary of WJ Towell, has been 51% acquired by Blue Star.
The new joint venture entity, called Blue Star Oman Electro-Mechanical (Blue Star Oman), will carry out mechanical, electrical, and plumbing (MEP) work in the country.
According to Blue Star, the Sultanate's MEP market is currently worth $350m (OMR134.7), and the joint venture expects to capture at least 10% of market share in the future.
Vir S Advani, executive director and president for electro-mechanical projects at Blue Star, said: "WJ Towell & Co is a highly reputed 148-year old group which is well entrenched in Oman, and is the perfect strategic partner for us to enter the market.
"I am confident that this new venture will make deep inroads and create a significant difference to the MEP landscape in Oman," Advani continued, according to Muscat Daily.