Zawawi Group Pulls Out of JV

MUSCAT - Oman’s Qais Zawawi Group has pulled out of a joint venture with Ashapura Group, India, the company said here, adding that it had bought out the complete shares of Ashapura Group in Ashapura Zawawi Minerals LLC.

By Our Correspondent

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Published: Sun 12 Jul 2009, 12:23 AM

Last updated: Thu 2 Apr 2015, 7:35 AM

A new company has been formed — Zawawi Minerals LLC which is a 100 per cent Omani firm owned by the Qais Zawawi Group. The joint venture company had been established with a view to making large investments into mining and value-added manufacturing. “Some of the major reasons for this pull out are Ashapura Group’s present serious financial crisis and the legal problems on account of cancellation of their Bauxite Mining License by Government of Gujarat, India, in addition of exchange fluctuation losses and huge claims from shipping companies, according to company sources and as indicated in their Press release.”

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