Johannesburg — India’s Solar Industries is set to expand its global mining business through a planned $1.36 billion acquisition of South African company Omnia Holdings.
Solar SA Investments, an indirect wholly owned subsidiary of Solar Industries, will acquire all outstanding shares of Johannesburg-listed Omnia in an all-cash transaction. Completion of the deal is subject to regulatory clearances and approval by Omnia shareholders.
Solar Industries produces industrial explosives and initiating systems used across mining, infrastructure, construction, defense and space. The company has more than 40 manufacturing facilities worldwide.
Omnia supplies products and services to the mining and agriculture sectors, with operations spanning 23 countries and customers in more than 40 countries. It reported revenue of about $1.41 billion for the year ended March 31.
Solar said the acquisition is expected to substantially boost its mining revenue from fiscal 2028 as the company strengthens its footprint across Africa.
The transaction comes as African countries work to increase mineral production and draw more investment into critical resources. Zambia, for instance, is aiming for nearly a threefold increase in copper production as metal prices climb.
By acquiring Omnia, Solar will gain a broader international platform for its mining operations while extending its geographic reach. Omnia’s established presence across several countries could also support Solar as demand for minerals grows and governments across Africa push to increase production and investment.
The acquisition remains subject to the necessary regulatory and shareholder approvals before it can be completed.
Original article
Comments