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Apollo Defence Industries, subsidiary of Apollo Micro Systems, has signed a share purchase agreement to acquire IDL Explosives for ₹107 crore in an all-cash transaction.
A part of Hinduja Group, IDL Explosives is a manufacturer of a full range of packaged and bulk explosives specifically engineered for mining and infrastructure projects.
It also offers an extensive range of cartridge explosives. The deal involves purchase of 78.65 lakh equity shares at ₹136 each amounting to ₹107 crore.
Once acquisition completed, Apollo Defence will own 100 per cent of IDL Explosives. The company had posted a turnover of ₹623 crore in FY24 and holds a net worth of ₹10 crore.
Over the past three years, IDL Explosives revenues have seen major growth from ₹395 crore in FY22.
The acquisition is a key step towards Apollo Defence Industries becoming a tier-I Original Equipment Manufacturer (OEM) for weapon systems.
It strengthens the company’s ability to offer integrated defence solutions, combining design, electronics, platforms and now explosives enabling it to offer a broader portfolio of systems across artillery, missile and high-impact weapon domains.
B Karunakar Reddy, Managing Director, Apollo Micro Systems said the acquisition opens up new routes towards vertical integration and full-spectrum capability enablement, allowing AMS to offer end-to-end solutions across the entire weapon system lifecycle, from electronics and arming mechanisms to complete munitions and integrated platforms.
The explosive market is expected to register a compound annual growth rate of 8.8 per cent to hit $9.37 billion by 2029.
The surge in government spending on the defense sectors in various countries including US, China, India, Russia, UK and France are projected to be a major driver for the growth of the explosive market during the period.
Further Apollo Micro Systems expects the acquisition to help tap the emerging opportunities within the explosives market.
Published on May 5, 2025
This article first appeared on The Hindu Business Line
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