| The state-owned Oman Investment Fund (OIF) has acquired a 40 per cent stake in prominent Italian auto parts maker Sigit SpA in what experts say is a precursor to the potential establishment of an auto manufacturing industry in the Sultanate. Sigit has built a reputation in the automotive industry as a supplier of customised thermoplastic and rubber components to well-known car makers and original equipment manufacturers around the world. Customers include General Motors, Volkswagen Group, Fiat Chrysler Automobiles and Renault.
Established in 1966, the privately owned firm currently operates a network of nine plants, five of which are based in Italy, with one each in Morocco, Serbia, Poland and Russia. Sales topped 72.5 million euros in 2014. As a shareholder in this reputed Italian auto parts supplier, Oman Investment Fund -- a sovereign wealth fund -- has effectively positioned itself as a prime mover in the development of an auto industry in the Sultanate, say experts.........................................Full Article: Source
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