Solar Industries To Acquire South Africa’s Omnia Holdings For $1.36 Billion To Expand Global Mining Business
Solar Industries India’s subsidiary Solar SA Investments will acquire South African firm Omnia Holdings for about $1.36 billion in an all-cash deal. The acquisition will expand Solar Industries’ global mining footprint, strengthen its African presence and boost mining-related revenues from fiscal 2028, subject to regulatory and shareholder approvals
India’s Solar Industries said on Monday that its subsidiary will acquire South African company Omnia Holdings in an all-cash transaction valued at around $1.36 billion, as the explosives and ammunition manufacturer seeks to strengthen its presence in the global mining industry.
Solar SA Investments, an indirect wholly owned subsidiary of Solar Industries, will purchase all outstanding shares of Johannesburg-listed Omnia, subject to regulatory clearances and approval from Omnia’s shareholders, the company said in a statement.
The proposed acquisition comes as African nations increase efforts to expand production and attract investments in critical minerals. Zambia, a major copper-producing country, is aiming to nearly triple its output amid rising metal prices.
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Solar Industries expects the larger African business presence to significantly increase its mining-related revenue from fiscal 2028.
Based in western India, Solar Industries manufactures industrial explosives and initiating systems used across the mining, infrastructure, construction, defence and space industries. The company operates more than 40 manufacturing facilities worldwide.
Omnia provides products and services to the mining and agriculture industries, with operations spanning 23 countries and customers across more than 40 countries.
The South African company reported revenue of approximately $1.41 billion for the financial year ended March 31.
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