Africa-Press. An Indian solar energy company announced that its unit will acquire South African company Omnia Holdings in a fully cash transaction valued at approximately $1.36 billion, as the explosives and ammunition manufacturer seeks to expand its global mining operations.
Solar SA Investments, a wholly owned indirect subsidiary of Solar Industries, stated that it will acquire all outstanding shares of Omnia listed on the Johannesburg Stock Exchange, subject to regulatory approvals and Omnia shareholders’ consent.
This deal comes at a time when African nations are intensifying efforts to boost production and attract investments in critical minerals. Zambia, rich in copper, aims to increase its output nearly threefold as metal prices rise.
Solar expects that the expansion of its operations will significantly increase mining revenues in Africa starting from the fiscal year 2028.
Solar Industries, based in western India, manufactures industrial explosives and blasting systems for the mining, infrastructure, construction, defense, and aerospace sectors, operating over 40 manufacturing facilities worldwide.
Omnia, which provides products and services to the mining and agriculture sectors, operates in 23 countries and serves customers in more than 40 countries. The company reported revenues of approximately $1.41 billion for the year ending March 31.
