Solar bets $1.3 bn for a 100% stake in African co

Solar Industries India Ltd has announced its acquisition of 100% of Omnia Holdings Ltd, a South African chemicals company, for a total cash consideration of $1.355 billion. The transaction, valued at Rs 12,951 crore, aims to expand Solar's international footprint and bolster its commercial explosives and blasting solutions business.

The Nagpur-based company stated that it intends to acquire Omnia's shares, excluding treasury shares, at ZAR 134.5 per share. The deal is subject to regulatory, statutory, and competition approvals, as well as other customary conditions precedent to completion. Upon completion, expected between early to mid-2027, Omnia will be delisted from the Johannesburg Stock Exchange and A2X Markets securities exchange.

Solar Industries emphasized that the acquisition will create a global platform for commercial explosives and blasting solutions, strengthen its international presence, expand its geographical footprint, enhance technological capabilities, and diversify its operations. The company's mining segment, BME, offers blasting systems, explosives, mining chemicals, and metallurgical processing solutions to commercial mining and quarrying industries, employing over 3,500 people.