Solar SA Investments to acquire all outstanding Omnia shares in an all-cash deal, subject to regulatory approvals and shareholder consent
Solar SA Investments Proprietary Limited, an indirect wholly owned subsidiary of Solar Industries India Limited, has entered into definitive agreements to acquire all outstanding shares of South Africa-based Omnia Holdings Limited for approximately US$1.355 billion (Rs. 12,951 crore) in an all-cash transaction.
The proposed acquisition, announced by the companies on September 14, is subject to customary closing conditions, including required regulatory approvals and approval by Omnia shareholders. Solar Industries disclosed the transaction under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The transaction involves several entities and stakeholders. Solar SA Investments Proprietary Limited (Solar SA) is the acquiring entity and an indirect wholly owned subsidiary of Solar Industries India Limited, the Nagpur-headquartered parent company of Solar Group. Omnia Holdings Limited, which is listed on the Johannesburg Stock Exchange under the symbol OMN, is the target company. Omnia and its subsidiaries together form the Omnia Group, while Omnia’s Independent Board is constituted under the South African Takeover Regulations promulgated under the South African Companies Act, 2008. The transaction is also subject to approval by Omnia shareholders and required regulatory approvals before completion.
Headquartered in South Africa, Omnia has a 73-year operating history and has developed from an agriculture-focused business into a diversified group serving the mining and agriculture sectors. It operates in 23 countries and serves customers in more than 40 countries through over 70 distribution centres across Southern and Western Africa and markets including Australia, the United States, Canada, Brazil and Indonesia.
For the financial year ended March 31, 2026, Omnia reported revenue of approximately US$1.41 billion (Rs. 13,307 crore) and remained net cash positive, according to the announcement.
Omnia’s mining business operates under the BME brand and provides open-cast mining, bulk explosives, electronic detonation systems, digital blasting solutions and mining chemicals. Its agriculture business provides crop nutrition products and services through its proprietary Nutriology® model and Agribio biological solutions.
The company also operates nitric acid and ammonium nitrate production facilities in its agriculture segment. Its ammonium nitrate storage capacity was recently expanded through a new 5,000-tonne storage tank, doubling its storage capacity.
Solar Group said it entered the Southern African Development Community region in 2010 with a manufacturing facility in Zambia. It began operations in South Africa in 2015 through a distribution platform and commissioned a manufacturing facility in Middelburg in 2017.
In 2024, Solar strengthened its South African operations through the acquisition of ProBlast, a South African company specialising in open-cast mining, drilling, blasting and explosives services.
The proposed Omnia acquisition would add Omnia’s mining operations, manufacturing infrastructure and distribution network to Solar’s existing presence in the region. The company said the combination is expected to expand its operational, manufacturing and distribution capabilities across the Southern African market and other international markets.
According to the announcement, Omnia’s manufacturing infrastructure could strengthen Solar’s vertical integration by improving supply security, raw-material availability and operational flexibility across the explosives value chain.
The proposed combination would bring together Omnia’s ammonium nitrate production, surface bulk explosives and blasting services with Solar Group’s explosives, initiating systems and advanced blasting technologies.
Solar expects the transaction to support commercial growth and operational efficiencies through technology innovation, wider customer coverage, supply-chain integration and development of advanced blasting solutions. The company said the benefits of the expanded footprint and customer access are expected to become increasingly visible from FY2028, with revenue attributable to Africa’s mining market expected to grow by multiple times.
Manish Nuwal, Managing Director and Chief Executive Officer of Solar Group, said, “Omnia is a business we have long admired for the strength of its Mining and Agriculture businesses, differentiated technologies and brands, and deep customer relationships built over many years. The proposed transaction marks an important milestone in our ambition to become a global leader in explosives and blasting solutions, while also providing us with a meaningful entry into integrated crop nutrition and biological solutions. In particular, Omnia’s BME brand brings a strong international mining platform, high-quality manufacturing assets, technological leadership in electronic initiation systems, integrated ammonium nitrate manufacturing capability and an established presence across Africa and other international markets.“
Nuwal said the acquisition would combine Omnia’s vertically integrated manufacturing capabilities with Solar Group’s explosives, initiating systems and blasting technologies.
“The acquisition by Solar SA of Omnia will create most integrated global blasting platform that combines Omnia’s vertically integrated manufacturing capabilities, ammonium nitrate production, surface bulk explosives and blasting services with Solar Group’s leadership in explosives, initiating systems and advanced blasting technologies. Together, the combined group will be positioned to offer most integrated blasting solutions, creating meaningful competitive advantages through enhanced supply security, greater economies of scale, technology differentiation, access to key mining markets across Africa and other international geographies, and deeper customer engagement. We are excited to welcome Omnia’s talented teams into the Solar Group and to write the next chapter of growth together while creating significant value for our shareholders, customers, employees and all stakeholders.” Nuwal added
Solar Group, established in 1995, is headquartered in Nagpur, India, and manufactures industrial explosives and initiating systems for the mining, infrastructure, construction, defence and space sectors. Solar SA is an indirect wholly owned subsidiary of the group.
The group operates manufacturing facilities across 11 countries, with more than 40 integrated manufacturing facilities worldwide and a workforce of over 16,500 employees. It serves customers in more than 90 countries.
The company said it has also announced a proposed investment of Rs. 12,700 crore in Maharashtra to expand its defence and aerospace platform.
Omnia Holdings has a physical presence in 23 countries, serves customers in more than 40 countries through over 70 distribution centres, and employs more than 3,500 people worldwide. Its businesses span mining, agriculture and chemicals, with BME focused on mining solutions and the Agriculture segment focused on crop nutrition.
From the information disclosed in the announcement, the proposed transaction would materially broaden Solar’s international operating base by combining its existing African footprint with Omnia’s established mining, agriculture, manufacturing and distribution operations. The most significant operational element appears to be the combination of Omnia’s ammonium nitrate and manufacturing infrastructure with Solar’s explosives and initiating-system capabilities. At the same time, the Rs. 12,951-crore purchase consideration is close to Omnia’s FY2026 revenue of Rs. 13,307 crore, making the transaction substantial relative to the target’s reported annual revenue. The eventual impact on Solar will depend on completion of regulatory and shareholder approvals, integration of the two businesses and the company’s ability to realise the expected benefits from FY2028 onward.
