Apollo Defence Industries Acquires IDL Explosives for INR 107 Cr
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Apollo Defence Industries Pvt Ltd, a subsidiary of Apollo Micro Systems Ltd, has taken a major leap in India's defence manufacturing space by acquiring IDL Explosives Ltd in an all-cash deal worth INR 107 crore.
The acquisition marks a strategic milestone as Apollo Defence becomes the 100% owner of the country's first Indian-owned explosives company.
IDL Explosives, a part of the Hinduja Group, has a 64-year legacy in manufacturing a comprehensive range of packaged and bulk explosives for mining and infrastructure sectors. The company reported a turnover of INR 623 crore in FY24, with steady growth from INR 395.38 crore in FY22, and has a net worth of INR 10 crore.
The transaction includes the purchase of 78.65 lakh equity shares at INR 136.04 per share. With this acquisition, Apollo Defence moves closer to its vision of becoming a Tier-I Original Equipment Manufacturer (OEM) for weapon systems. The deal enhances its ability to offer integrated defence solutions by combining expertise in electronics, platforms, and now explosives.
B Karunakar Reddy, Managing Director of Apollo Micro Systems, said: "Apollo Group is proud to announce a significant enhancement to its portfolio through a landmark alignment with India's first explosive company with a distinguished legacy of over 64 years. This acquisition opens up new routes towards vertical integration and full-spectrum capability enablement... Together we are poised to unleash the next chapter in the Spirit of Atmanirbhar Bharat, serving our great nation with innovation, strength & pride."
The global explosives market is forecasted to grow to USD 9.37 billion by 2029 at a CAGR of 8.8%, driven by rising defence spending in countries like India, the US, China, and Russia. Apollo's acquisition of IDL Explosives positions the company at the forefront of this expanding sector, unlocking new growth and innovation opportunities.
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