India's Solar Industries to buy South Africa's Omnia for $1.36 billion

According to Business Recorder, India's Solar Industries said on Monday that its indirect subsidiary, Solar SA Investments, will take over all outstanding shares of Johannesburg-listed Omnia Holdings. The cash deal is valued at roughly $1.36 billion and remains conditional on approval from regulators and Omnia's shareholders.

The explosives and initiating systems maker, Solar Industries, sees the purchase as a way to grow its mining operations worldwide. Omnia, which sells to mining and agriculture customers, operates in 23 countries and posted sales of roughly $1.41 billion in the financial year to March 31. Solar expects the enlarged footprint to lift Africa's mining revenue several times over from fiscal 2028.

The deal arrives as several African nations intensify moves to lift mineral production and channel capital into critical minerals. Zambia, a copper producer, is aiming to nearly triple its production as metal prices rise.