MUMBAI: JSW Infrastructure Ltd has grow to be the primary Indian firm immediately affected by the continued US-Israel-Iran battle, after a hearth broke out at its oil storage terminal in Fujairah, United Arab Emirates (UAE).
Native media reported that an Iranian drone was intercepted over the Fujairah Oil Business Zone (FOIZ) on Tuesday morning. Particles from the intercepted drone triggered a hearth on the JSW Infrastructure facility, which has since been introduced below management.
Mumbai-based JSW Group didn’t instantly reply to Mint’s queries.
JSW Infrastructure, by its subsidiary JSW Terminal (Center East) FZE, had acquired the Fujairah liquid storage terminal in November 2023 from Swiss commodity dealer Mercuria Group. The power has 15 storage tanks with a complete capability of 465,000 cubic metres – sufficient to carry almost 3 million barrels of oil, roughly equal to a day’s crude manufacturing within the UAE.
Fujairah is a serious bunkering hub, dealing with a good portion of the UAE’s oil exports. Storage terminals within the area are primarily used to carry gasoline for abroad provide.
Earlier, Iran attacked Saudi Arabia’s Aramco Ras Tanura oil refinery in an obvious effort to strain the US by focusing on its allies. Civilian websites and Dubai Worldwide Airport have additionally come below assault because the battle enters its fourth day. The disaster started with Israeli strikes on Iran final Saturday.
JSW Infrastructure, a part of the diversified JSW Group that produces metal, cement, paint, and cars, is India’s second-largest personal port operator, specializing in maritime infrastructure. Within the UAE, it operates one liquid storage terminal and two dry bulk terminals in Fujairah.
The corporate went public in 2023 and has a market capitalization exceeding ₹52,000 crore.
Whereas Indian markets had been closed on Tuesday for Holi, JSW Infrastructure shares had fallen 1.37% to ₹251.35 on Monday amid a broader sell-off linked to unrest in West Asia. The benchmark Sensex declined 1.29% the identical day.