Apollo Micro Systems Limited, through its wholly owned subsidiary Apollo Defence Industries Private Limited (ADIPL), has signed a Share Purchase Agreement to acquire full ownership of IDL Explosives Limited for ₹107 crore in an all-cash deal.
The announcement came on 2 May 2025. The transaction is expected to be completed within two to three months, pending regulatory and corporate approvals.
Entry into explosives manufacturing
IDL Explosives, currently under Hinduja Group’s GOCL Corporation, is a well-established domestic manufacturer of industrial-grade explosives, primarily serving the mining and infrastructure sectors. The company posted a turnover of ₹623 crore in FY24 and holds a net worth of ₹10 crore. Over the past three years, its revenues have seen major swings—₹62,264 lakh in FY24, ₹78,163 lakh in FY23, and ₹39,538 lakh in FY22.
With this acquisition, Apollo aims to integrate explosives into its defence manufacturing pipeline. It will now be able to offer a broader portfolio of systems across artillery, missile, and high-impact weapon domains.
Full takeover, no related party links
The purchase involves 78.65 lakh equity shares at ₹136.04 each. Once completed, Apollo Defence will own 100% of IDL Explosives. The companies confirmed that no related parties are involved in this transaction.
IDL Explosives, established in 2010, operates exclusively within India. Its primary business has focused on bulk explosives, and the acquisition enables Apollo to extend its reach into critical defence components while leveraging existing industrial demand.
Strategic Vision and Indigenous Push
In a statement, Apollo highlighted that this acquisition is a key step towards becoming a Tier-I Original Equipment Manufacturer ( OEM) for weapon systems. It strengthens Apollo’s ability to offer integrated defence solutions—combining design, electronics, platforms, and now, explosives.
“This acquisition is aimed at augmenting the Company’s manufacturing capabilities in the area of Defence Explosives, supporting the growing indigenous demand across artillery, missile, and other high-impact defence domains,” the company said in its regulatory filing.
B Karunakar Reddy, Managing Director of Apollo Micro Systems, described the deal as a landmark moment for the group’s defence ambitions.
“Apollo Group is proud to announce a significant enhancement to its portfolio through a landmark alignment with India's first explosive company – a pioneering, Indian-owned enterprise with a distinguished legacy of over 64 years. This esteemed organisation, a proud member of the globally renowned Hinduja Group, brings unparalleled expertise and heritage to the partnership. The strategic move underscores Apollo's unwavering commitment to advancing indigenous capabilities in the defence and explosives sectors. Together we are poised to unleash the next chapter in the Spirit of Atmanirbhar Bharat, serving our great nation with innovation, strength & pride.”
Apollo Micro Systems has gradually expanded its presence in India’s defence and aerospace ecosystem. Known primarily for its electronic systems used in weapon platforms, the group has been steadily moving upstream—towards becoming a full-stack weapons systems supplier.
The IDL acquisition marks a shift into physical and high-impact defence components. By consolidating electronics with explosive systems, Apollo is betting on India’s push for self-reliance in defence production—one that has gained momentum under recent policy shifts.
The announcement came on 2 May 2025. The transaction is expected to be completed within two to three months, pending regulatory and corporate approvals.
Entry into explosives manufacturing
IDL Explosives, currently under Hinduja Group’s GOCL Corporation, is a well-established domestic manufacturer of industrial-grade explosives, primarily serving the mining and infrastructure sectors. The company posted a turnover of ₹623 crore in FY24 and holds a net worth of ₹10 crore. Over the past three years, its revenues have seen major swings—₹62,264 lakh in FY24, ₹78,163 lakh in FY23, and ₹39,538 lakh in FY22.
With this acquisition, Apollo aims to integrate explosives into its defence manufacturing pipeline. It will now be able to offer a broader portfolio of systems across artillery, missile, and high-impact weapon domains.
Full takeover, no related party links
The purchase involves 78.65 lakh equity shares at ₹136.04 each. Once completed, Apollo Defence will own 100% of IDL Explosives. The companies confirmed that no related parties are involved in this transaction.
IDL Explosives, established in 2010, operates exclusively within India. Its primary business has focused on bulk explosives, and the acquisition enables Apollo to extend its reach into critical defence components while leveraging existing industrial demand.
Strategic Vision and Indigenous Push
In a statement, Apollo highlighted that this acquisition is a key step towards becoming a Tier-I Original Equipment Manufacturer ( OEM) for weapon systems. It strengthens Apollo’s ability to offer integrated defence solutions—combining design, electronics, platforms, and now, explosives.
“This acquisition is aimed at augmenting the Company’s manufacturing capabilities in the area of Defence Explosives, supporting the growing indigenous demand across artillery, missile, and other high-impact defence domains,” the company said in its regulatory filing.
B Karunakar Reddy, Managing Director of Apollo Micro Systems, described the deal as a landmark moment for the group’s defence ambitions.
“Apollo Group is proud to announce a significant enhancement to its portfolio through a landmark alignment with India's first explosive company – a pioneering, Indian-owned enterprise with a distinguished legacy of over 64 years. This esteemed organisation, a proud member of the globally renowned Hinduja Group, brings unparalleled expertise and heritage to the partnership. The strategic move underscores Apollo's unwavering commitment to advancing indigenous capabilities in the defence and explosives sectors. Together we are poised to unleash the next chapter in the Spirit of Atmanirbhar Bharat, serving our great nation with innovation, strength & pride.”
Apollo Micro Systems has gradually expanded its presence in India’s defence and aerospace ecosystem. Known primarily for its electronic systems used in weapon platforms, the group has been steadily moving upstream—towards becoming a full-stack weapons systems supplier.
The IDL acquisition marks a shift into physical and high-impact defence components. By consolidating electronics with explosive systems, Apollo is betting on India’s push for self-reliance in defence production—one that has gained momentum under recent policy shifts.
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