Solar Industries to Acquire Omnia Holdings in ₹12,951 Crore Deal
Solar Industries India Ltd. has agreed to acquire South Africa-based Omnia Holdings for ₹12,951 crore in cash. The deal involves acquiring 100% of Omnia's issued ordinary shares, excluding treasury shares, at a price of ZAR 134.5 per share, amounting to about $1.355 billion. This acquisition is expected to be completed by early to mid-2027, subject to customary conditions including regulatory approvals and approval from Omnia's shareholders.
The acquisition will support Solar Industries' ambition of becoming a leading global explosives and mining solutions provider, while enhancing its scale, market access, and competitive positioning across Africa and other international markets. Goldman Sachs has a 'Buy' rating on Solar Industries with a target price of ₹26,550, implying an upside of around 19% from Friday's closing price of ₹22,290.
Goldman Sachs sees strategic merit in the deal, citing synergies between Omnia's integrated mining business and Solar's existing South African operations. The brokerage expects the deal to help Solar expand its market share in Australia and Indonesia while entering new markets such as Canada and Brazil through Omnia's network.