Solar Industries To Acquire South Africa’s Omnia Holdings For $1.36 Billion To Expand Global Mining Business

India's Solar Industries announced on Monday that its subsidiary, Solar SA Investments, will acquire South African company Omnia Holdings in an all-cash deal worth approximately $1.36 billion. This move aims to bolster Solar Industries' presence in the global mining industry. Solar SA Investments, a wholly-owned subsidiary of Solar Industries, will buy all outstanding shares of Johannesburg-listed Omnia, subject to regulatory approvals and shareholder approval.

The acquisition follows an increasing trend among African nations to boost production and attract investments in critical minerals. Zambia, a leading copper producer, aims to nearly triple its output amid rising metal prices. Solar Industries anticipates that its expanded presence in Africa will significantly boost its mining-related revenue starting fiscal 2028.

With operations in over 40 countries and more than 40 manufacturing facilities worldwide, Solar Industries manufactures industrial explosives and initiation systems for various industries, including mining, infrastructure, construction, defense, and space. Omnia Holdings provides products and services to the mining and agriculture sectors, operating in 23 countries and serving more than 40 countries. For the financial year ending March 31, Omnia reported revenue of around $1.41 billion.