By: Reuters

India's Solar Industries SLIN.NS said on Monday its unit will acquire South Africa's Omnia Holdings in an all-cash deal worth about $1.36 billion, as the explosives and ammunition maker looks to expand its global mining business.

Solar SA Investments, an indirect wholly-owned subsidiary of Solar Industries, will acquire all outstanding shares of Johannesburg-listed Omnia, subject to regulatory and Omnia shareholder approvals, the company said in a statement.

The deal comes as African countries step up efforts to boost output and draw investment into critical minerals. Copper-rich Zambia is targeting a near-tripling of production as metal prices climb.

Solar expects the expanded footprint to lift Africa's mining revenue multiple-fold from fiscal 2028.

Western India-based Solar Industries manufactures industrial explosives and initiating systems for the mining, infrastructure, construction, defence and space sectors, and operates more than 40 manufacturing facilities globally.

Omnia, which provides products and services to the mining and agriculture sectors, operates in 23 countries and serves customers in more than 40 countries. It reported revenue of about $1.41 billion for the year ended March 31.