SOLAR INDUSTRIES TO BUY SIVASAKHTI INDUSTRIAL EXPLOSIVES

, through its wholly owned subsidiary will acquire Sivasakthi Industrial Explosives Pvt Ltd for a sum of Rs 115 crore. The subsidiary company signed a share buy agreement with Sivasakthi for the proposed acquisition of 100% of its issued and paid-up equity share capital. Sivasakthi is a private company incorporated in 2008 in India. It is engaged in the manufacturing, production, processing, retailing, wholesaling, supply, distribution and trading of all types of explosives for industrial mining and other purposes. Solar Industries stock has been a multibagger, specially after supplying high-energy explosives, delivery systems, ammunition filling and pyros fuses for the defence sector. The company has delivered good profit growth of 45% CAGR over last 5 years, and with this new acquisition, the profit is expected to further grow in the coming years.