Oman-based Atyab Investment, a wholly-owned subsidiary of Oman Flour Mills, revealed that its board has approved a proposal to take 40 per cent stake in a soya crushing project being implemented with other investors, said a report.

Approval for the formation of the company from relevant authorities has yet to be obtained, added the Times of Oman report.

The investment in this project would be OR5.2 million ($13.5 million) and the project is likely to be completed by year 2020, the report said.

As per the feasibility study conducted by an independent consultant, the project's internal rate of return (IRR) is 15 per cent and the payback period six years, added the report.