Nagpur: Solar Industries India Ltd, through its wholly owned subsidiary Solar Explochem Ltd, will acquire Sivasakthi Industrial Explosives Pvt Ltd for Rs115 crore, the company told the stock exchanges on Thursday.
The subsidiary signed a share buy agreement with Sivasakthi for the proposed acquisition of 100% of its issued and paid-up equity share capital, subject to terms and conditions to be mutually agreed by the parties. The company disclosed the deal under Regulation 30 of the SEBI listing obligations rules. Sivasakthi is a private company incorporated in 2008 in India. Last month Solar signed a definitive agreement to take over South Africa’s Omnia Holdings in a Rs12,951 crore deal, leading to the formation of one of the world’s largest and most integrated blasting solutions platforms.
Solar Industries termed business expansion as the objective for the acquisition and said it expects to complete the deal within a year. It said no governmental or regulatory approvals are required for completion of the deal. After the Omnia deal gets completed, Solar said it will get access to key international markets, including US, Canada, Australia, Brazil and Indonesia, apart from southern and western Africa through Omnia’s network.
It is engaged in the manufacturing, production, processing, retailing, wholesaling, supply, distribution and trading of all types of explosives for industrial mining and other purposes. The filing places it in the explosives industry. The buyout will enable Solar Group to get a foothold in the farm sector too. Omnia is a major manufacturer of ammonium nitrate, which is used in the agriculture and explosives sectors.
The acquisition is expected to be completed in mid-2027, subject to customary conditions, including competition approvals in relevant jurisdictions. You Can Also Check: Gold Rate in Nagpur | Silver Rate in Nagpur | Bank Holidays in Nagpur | Public Holidays in Nagpur | Petrol Price in Nagpur | Diesel Price in Nagpur | CNG Price in Nagpur | LPG Price in Nagpur
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