SOLAR INDUSTRIES (I) LTD

Solar Industries India Limited is engaged in manufacturing of complete range of industrial explosives and explosive initiating devices. It manufactures various types of packaged emulsion explosives, bulk explosives and explosive initiating systems. The Company has also forayed into manufacturing of ammunition for military applications. It has the world's largest packaged explosives manufacturing facility at a single location in Nagpur, India. It has pan India presence with 34 manufacturing facilities. At the global level, Company has presence in more than 65 countries with manufacturing facilities in 5 countries. Solar Industries supports major mining and infrastructure companies including global names such as Coal India Limited, Singareni Collieries, Vedanta Ltd, and many more in global market. Solar Industries India Limited incorporated on February 24, 1995 with the name Solar Explosives Limited was promoted by Satyanarayan Nuwal, By the year 1996, Solar established trade network as well as Institutional market. The Company started manufacturing Slurry Explosives in the year 1996 and Detonating Cords in the year 1998. With the success of this unit, they forayed into manufacturing of Detonators through Economic Explosives Ltd, non-Explosive intermediaries through Solar Components Pvt Ltd, and Bulk Explosives through Solar Capitals Ltd. In September 2005, the Company acquired all the shares from the promoters of Economic Explosives Ltd, Solar Capitals Ltd and Solar Component Ltd by swapping their holding with the shares of the company to make the three companies as their wholly owned subsidiaries. During the year 2005-06, the company commissioned a 10,000 MT capacity bulk explosives plant at Jharsiguda in Orissa to meet the requirement of Mahanadi Coal Fields Ltd. Also, they commissioned 10,000 MT capacity Plant for manufacture of bulk explosives in Ramgarh, Jharkhand State, to meet the requirement of Central Coal Fields Ltd. During the year 2007-08, the company incorporated Somu Steels & Power Ltd as wholly owned Subsidiary of the company. They acquired 74% Shares of Navbharat Coalfields Ltd a company located at Raipur engaged in the business of mining & minerals business. Thus, Somu Steels & Power Ltd became a subsidiary of the company. Also, they incorporated a new overseas subsidiary company, namely Solar Nitrochemicals Ltd at Tanzania. The company successfully commissioned 9 Bulk plants at various locations. Also, they started operations with TISCO in Jharkhand. During the year 2008-09, the company's wholly owned subsidiaries, Solar Capital Ltd and Solar Industries Ltd merged with the company with effect from April 1, 2008. Also, the company changed their name from Solar Explosives Ltd to Solar Industries India Ltd. In addition, they formed a JV company with the Chhattisgarh Mineral Development Corporation in association with SMS Infrastructure for two coal blocks at Bhatgaon, Chhattisgarh. During the year, the company incorporated PT Solar Mining Resources at Indonesia as wholly owned Subsidiary of the company. Also, they incorporated three new overseas subsidiaries companies namely Solar Recursos Minerals LDA, Solar Industrias LDA, Solar Agro Florestal LDA, at Mozambique as wholly owned subsidiaries of the company. During the year 2009-10, the company incorporated two new Overseas Subsidiary Companies, namely Solar Overseas Mauritius Ltd at Mauritius and Solar Overseas Netherlands Cooperatie U.A. at Netherlands. Also, the company transferred their shares in Somu Steels & Power Ltd to other shareholders and thus Somu Steels & Power Ltd ceased to be a subsidiary of the company. In 2010, Solar Industries forayed into defence segment. In 2012, Solar Industries set up manufacturing units at Zambia, Nigeria and Turkey. In 2013, the company set up manufacturing facilities of HMX and Propellants. During the year, the company commenced manufacturing of 3-layer shock tubes. It also commenced commercial production of electronic detonators during the year. The company introduced underground bulk explosives during the year. In 2015, Solar Industries commenced supply of HMX and HMX compounds. In 2016, the company set up facilities to manufacture Warhead Filling, Pyros Ignitors, Propellants for Pinaka Mark-II. During the year, the company set up manufacturing facility in South Africa. The Board of Directors of Solar Industries India Ltd at its meeting held on 16 May 2016 approved the sub-division of the equity shares of the company from one share of face value of Rs. 10/- per share into 5 shares of Rs. 2/- per share and recommended the same for the approval of shareholders by Postal ballot. On 10 June 2016, Solar Industries India Ltd informed the stock exchanges that the company has bagged an order from Singareni Collieries Company Limited (SCCL) for the supply of explosives worth Rs 443.44 crore for the financial years 2016-17 and 2017-18. On 18 September 2017, Solar Industries announced that Solar Overseas Netherlands B.V., a step down overseas subsidiary of the company, has increased its stake in Solar Patlayici Maddeler Sanayi Ve Ticaret Anonim Sirketi from 74.5% to 100% which is also step down overseas subsidiary of the company. On 1 November 2017, Solar Industries India Limited announced that it has bagged the running contract for supply of Bulk Explosives to the subsidiaries of Coal India Limited amounting to Rs 1143.63 crore. Solar Industries' wholly two owned subsidiaries Solar Mines & Minerals Limited and Solar Mining Resources Limited and its associate company, Solar Initiating Systems Limited (Transferor Companies) were merged with Economic Explosives Limited (Transferee Company), another wholly owned subsidiary of Solar Industries, with effect from 1 April 2017 pursuant to NCLT Order dated 16 March, 2018. Solar Industries and EURENCO, the European leader in energetic materials, announced during the EUROSATORY 2018 exhibition in Paris-Villepinte (June 11-15) a strategic partnership agreement related to the supply of Explosives, Propellants, Transfer of Technology projects and to a common offer for the Bi-Modular Charge System (BMCS) project in India. EURENCO is ready to collaborate with Solar Industries for the supply of Propellants, Bombs, Ammunition filling and Modular Charges technologies under the 'Make in India' policy for the private sector. Solar Industries is willing to build dedicated infrastructure facilities with the technical assistance of EURENCO on its explosive and propellant facilities in Nagpur, India. The new facility would include Propellant Plants, one of the key components of Modular Charges, Bombs and Ammunition filling capabilities. During the year 2018-19, Company set up a step-down subsidiary company in Zimbabwe (through Solar Overseas Mauritius Limited) named Solar Nitro Zimbabwe (Private) Limited which was Incorporated on October 10, 2018. It acquired 49% stake of Astra Resources (Pty) Limited through its step down subsidiary Company Solar Industries Africa Limited (Mauritius). Solar Industries Mozambique LDA a step down subsidiary of the Company was liquidated on October 18, 2018. During the year 2019-20, Company had set up a step-down subsidiary Company in Ivory Coast (through Solar Overseas Singapore Pte Ltd) named Solar Mining Services Cote d'Ivoire which Incorporated on November 04, 2019. It acquired 55% stake in Laghe Venture Company (LVC) through its subsidiary Solar Overseas Mauritius Limited, to expand its footprints in Tanzania. Solar Explochem (Ghana) Limited a step down subsidiary of the Company was liquidated on January 16, 2020. During the year 2020-21, Solar Avionics Limited, wholly owned subsidiary of the Company was incorporated on November 16, 2020. In Burkina Faso (through Solar Industries Africa Limited)named Solar Mining Services Burkina Faso SARL was incorporated on April 6, 2021.In Albania (through Solar Overseas Singapore Pte Limited) named Solar Mining Services Albania was incorporated on April 22, 2021. During the year 2021-22, Blastec (India) Private Limited, wholly owned subsidiary was merged into Emul Tek Private Limited another wholly owned subsidiary of the Company. Solar Overseas Singapore Pte Limited (SOSPL), step down Overseas Subsidiary of Holding Company acquired 26% stake in Solar Mining Services Pty Limited (SMS Pty Ltd), Australia and the said Step-down Overseas Subsidiary, SOSPL held 100% stake in SMS Pty Ltd., Australia. The name of Laghe Venture Company Limited was converted to Solar Venture Company Limited. In 2022-23, Company launched new products for underground coal mines, blast initiations and seismic applications to phase out electric detonators from the market. It launched Non detonating explosives for defence application. The Company incorporated a step-down subsidiary Company, Solar Nitro SARL in Ivory Coast effective on December 05, 2022.