Oman Observer reported that Capitoline Holdings Limited, a subsidiary of Russian TMK, has acquired a 30% stake in Sohar based manufacturer of high pressure ERW carbon steel pipe Gulf International Pipe Industry.
The acquisition was announced by Golden Dunes Investments, founders and promoters of GIPI.
The sale transaction took over six months of intense negotiations to conclude as it involved multiple parties and a host of agreements to conform to international norms for such a large acquisition transaction.
GIPI was established in 2007 and the company commenced commercial production on 1st of April 2010 upon completion of construction 4 months ahead of the EPC contractual schedule.
GIPI is the first ever high pressure ERW carbon steel pipe mill in the entire Middle East and Indian sub-continent to produce a range of 8" to 24" pipes with thickness capability of 25.4 mm or 1 inch and up to 18 metres in length.
