Solar Industries India will acquire South Africa-based Omnia Holdings in an all-cash transaction valued at about $1.36 billion, expanding the Indian explosives and ammunition manufacturer's presence in the African mining market.
Solar SA Investments, an indirect wholly-owned subsidiary of Solar Industries, will acquire all outstanding shares of Johannesburg-listed Omnia. The transaction remains subject to regulatory clearances and approval from Omnia shareholders.
The acquisition comes as several African economies seek to expand mining activity and attract investment into critical minerals. Zambia, a major copper producer, is among the countries targeting a significant increase in mineral output.
Solar Industries Eyes Larger Africa Mining Business
Solar Industries expects its expanded presence following the acquisition to increase revenue from its African mining business multiple-fold from FY28.
The company manufactures industrial explosives and initiating systems used across mining, infrastructure and construction. It also operates in the defence and space sectors and has more than 40 manufacturing facilities globally.
The acquisition would significantly expand its international footprint through Omnia's existing operations. Omnia provides products and services to the mining and agriculture sectors, operates across 23 countries and serves customers in more than 40 countries.
For the year ended March 31, Omnia reported revenue of approximately $1.41 billion.
The transaction gives Solar Industries access to a wider mining-focused business network at a time when investment in African mineral production, including minerals critical to global industrial and energy-transition supply chains, is expanding.