Apollo Defence Industries Private Limited (ADIPL), a subsidiary of Apollo Micro Systems Limited, has signed a Share Purchase Agreement (SPA) on May 2, 2025, for the acquisition of a 100% equity stake in IDL Explosives Limited. The acquisition is valued at ₹107 crore and is aimed at enhancing Apollo’s capabilities in defence manufacturing, particularly in the production of explosives used in artillery, missiles, and other high-impact military systems.
IDL Explosives, a wholly owned subsidiary of GOCL Corporation Limited—a Hinduja Group company—is engaged in the manufacture and supply of bulk explosives for mining and infrastructure sectors. The target entity reported a turnover of ₹623 crore and a net worth of ₹10 crore in FY 2023–24. Over the past three years, the company has maintained a strong operational presence in India with consistent performance, recording turnovers of ₹781.6 crore in FY 2022–23 and ₹395.4 crore in FY 2021–22.
This strategic acquisition supports Apollo Group’s long-term vision of becoming a Tier-I Original Equipment Manufacturer (OEM) in the defence sector. The group aims to evolve into an integrated weapons systems provider, offering complete in-house capabilities ranging from electronics design to platforms and explosives manufacturing.
Speaking on the acquisition, Apollo Micro Systems stated, “This move is aligned with our roadmap to strengthen indigenous defence production capabilities and contribute to India’s self-reliance mission in the defence sector. The acquisition enables us to offer a more comprehensive product suite to our defence clients.”
Transaction Details:
- Target Entity: IDL Explosives Limited
- Industry: Industrial Explosives
- Deal Value: ₹107 crore (cash consideration), at ₹136.04 per share
- Shares Acquired: 78,65,000 equity shares (100% ownership)
- Timeline: Expected completion within 2–3 months, subject to customary conditions and approvals
- Regulatory Approvals: Not applicable at this time
- Related Party Transaction: No; none of the promoters or group companies have any interest in the transaction