Tata Steel has signed agreements to reduce its stake in Al Rimal Mining LLC from 70% to 51%, bringing Oman National Investments Development Company (TANMIA) on board as a 30% shareholder.

Target Company Overview

Tata Steel Limited has officially signed definitive agreements to bring Oman National Investments Development Company (TANMIA) on board as a shareholder in Al Rimal Mining LLC, a step-down subsidiary established with the aim of limestone mining in Oman. Following this agreement, Tata Steel's indirect shareholding in Al Rimal Mining LLC will decrease from 70% to 51%. Additionally, existing shareholders will transfer an 11% stake to TANMIA, resulting in TANMIA holding a 30% share within Al Rimal Mining LLC.

The finalization of this transaction is contingent upon the fulfillment of certain preconditions outlined in the agreements, which both parties have committed to address collaboratively.

Industry Overview in Oman

The mining industry in Oman has seen significant growth in recent years, bolstered by the government's initiatives aimed at diversifying the economy away from oil dependency. Oman boasts vast mineral resources, in