Apollo Micro Systems Limited, through its wholly owned subsidiary Apollo Defence Industries Private Limited (ADIPL), has executed a Share Purchase Agreement to acquire 100% equity of IDL Explosives Limited for a total cash consideration of ₹107 crore. The transaction was announced on May 2, 2025, and is expected to be completed within 2-3 months, subject to regulatory approvals.
IDL Explosives, currently a subsidiary of Hinduja Group’s GOCL Corporation, is a major player in the industrial explosives segment catering to mining and infrastructure sectors. In FY24, the company reported a turnover of ₹623 crore and a net worth of ₹10 crore.
Apollo stated that this acquisition aligns with its long-term vision of becoming a Tier-I OEM Weapon Systems Supplier. The acquisition will enable Apollo to integrate defence explosives manufacturing into its existing portfolio, expanding its offerings across artillery, missile, and weapon platforms.
The acquisition involves 78.65 lakh equity shares priced at ₹136.04 per share. Post completion, Apollo Defence will hold full ownership of IDL Explosives.
