6 months ago
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Apollo Micro Systems subsidiary Apollo Defence Industries has concluded acquisition of concern explosives shaper IDL Explosives from Hinduja Group entity GOCL Corporation.
The acquisition is portion of plans to fortify footprint successful the defence assemblage by adding captious capabilities of adjacent procreation precocious extremity defence people explosives, propellants and warhead systems to expertise successful limb strategy electronics and platforms, the Hyderabad-headquartered Apollo Micro Systems said connected Monday. A share acquisition agreement for the Rs.107 crore acquisition was signed successful May.
It is embarking connected adjacent signifier of maturation arsenic a afloat integrated multidisciplinary defence level provider, delivering implicit solutions from limb strategy electronics to implicit limb strategy complex, Apollo Micro Systems said, announcing the acquisition and consequently IDL Explosives, which has manufacturing facilities successful Rourkela and galore different locations, becoming a measurement down subsidiary.
Strategic exit
Separately, GOCL said the decision of the merchantability of its subsidiary completes Hinduja Group’s strategical exit from the explosives and detonators concern portfolio.
With completion of the divestment process, GOCL and the Hinduja Group volition reason strategical exit from the explosives and detonator concern portfolio. “Last year, GOCL had ceased operations astatine its Hyderabad works arsenic the quality of the concern nary longer aligned with the city’s evolving metropolitan landscape. The institution continues to clasp important landbank and existent property assets crossed the country. It expects to implicit the ongoing monetisation of its Hyderabad onshore successful adjacent future,” GOCL said.
GOCL plans to germinate into an vigor institution successful enactment with its semipermanent maturation aspirations.
