Apollo Defence Industries Pvt. Ltd., a subsidiary of Apollo Micro Systems Ltd., has signed a definitive agreement to fully acquire IDL Explosives Ltd. in an all-cash deal valued at ₹107 crore.
IDL Explosives, a part of the Hinduja Group—one of India’s most prominent and diversified conglomerates—specializes in the production of both packaged and bulk explosives tailored for mining and infrastructure sectors. The company also manufactures a wide variety of cartridge explosives. With a strong operational legacy, IDL posted revenues of ₹623 crore in FY24, rising sharply from ₹395.38 crore in FY22, and holds a net worth of ₹10 crore.
The acquisition covers 78.65 lakh equity shares priced at ₹136.04 each. Following the transaction, Apollo Defence will gain complete ownership of IDL Explosives, strengthening its ambition to become a Tier-I Original Equipment Manufacturer (OEM) in the defence sector. This move significantly enhances Apollo’s ability to provide integrated weapon systems, now including explosives as part of its defence solutions spanning artillery, missile systems, and high-impact munitions.
B Karunakar Reddy, Managing Director of Apollo Micro Systems Ltd., described the acquisition as a turning point for the group’s defence strategy.
He noted, “This alignment with India’s first explosives company, with a legacy of over six decades, marks a new chapter for Apollo. It enables vertical integration and expands our capability to offer complete, end-to-end defence systems—from advanced electronics to complete munitions. This step reinforces our commitment to Atmanirbhar Bharat, driving innovation and self-reliance in the defence sector.”
