Solar Industries India Limited on Tuesday said that its wholly owned subsidiaries will acquire Rajasthan Explosives and Chemicals Limited, the company announced through an exchange filing. The company will acquire 98.39 per cent shares in RECL.
The company is investing in RECL to adhere to its long-term business plan of expansion in business operations.
The companies mutually decided on the acquisition cost which has not been revealed by them.
Rajasthan Explosives and Chemicals Limited is a public company incorporated on April 12, 1979 and is in the business of manufacturing industrial explosives and allied products for the mining and infrastructure industry. Its turnover in the financial year 2021-22 was at Rs 11,920.38 lakh.
Solar Industries shares
The shares of Solar Industries on Monday at 1:28 were at Rs 3,769, up by 1.20 per cent.
