BME has spent years building a reputation across African mining, and it is about to inherit the manufacturing scale, research capability and international footprint of one of the world’s largest industrial explosives groups. Omnia Holdings has announced a proposed R21.8 billion all cash transaction with Solar Industries India, a deal that, if approved by shareholders and regulators, will see Omnia delisted from the JSE and A2X Markets and its mining business positioned to compete on a considerably larger international stage.
Solar SA Investments, a wholly owned subsidiary of Solar Overseas Mauritius Limited, which is itself a wholly owned subsidiary of Solar Industries India, has made a firm intention to acquire all of Omnia’s issued ordinary shares through a scheme of arrangement, at R134.50 per share. That price represents a premium of 30.98% to Omnia’s closing share price of R102.69 on 10 September 2026, the last business day before the cautionary announcement, and a premium of 35.73% to its 30 day volume weighted average price of R99.09 over the same period. Measured against Omnia’s closing price of R78.80 on 31 December 2025, the offer represents a premium of 70.69%.
Solar itself is no minor acquirer. Listed on the National Stock Exchange of India and BSE Limited with a market capitalisation of approximately R340 billion, equivalent to roughly US$21 billion, the company operates across industrial explosives and defence and aerospace manufacturing, serving customers in more than 90 countries through an international manufacturing footprint spanning 11 countries. Following extensive due diligence and negotiations, the Omnia Board, subject to its legal and fiduciary duties, intends to recommend the scheme to shareholders. The proposed transaction has secured broad shareholder support and is backed by an irrevocable unconditional bank guarantee for the cash consideration.
Omnia Group Chief Executive Officer Seelan Gobalsamy framed the deal as a natural extension of the company’s own growth story rather than an ending. “This is an important milestone in Omnia’s 73 year history. Built on a proud South African heritage and entrepreneurial spirit, Omnia has grown from an agriculture business into a diversified international group, drawing on decades of expertise and innovation to build businesses such as BME, and take South African innovation, expertise and capability to markets around the world.”
Gobalsamy added, “That same entrepreneurial spirit is reflected in Solar group, which has grown from a single site business in India into a leading international industrial group. Bringing together Omnia’s manufacturing and supply capabilities, technology, brands and customer relationships with Solar group’s scale, R&D capabilities, commercial reach and international presence creates a powerful platform to accelerate BME’s ambition to become a global mining solutions business of scale. It also provides opportunities to expand Omnia’s sustainable Agriculture solutions into new markets.”
Moreover, he noted that, matched with Solar group’s track record in South Africa and across the globe, the proposed transaction accelerates the execution of Omnia’s growth strategy, building on the strength of its businesses, technology, brands and people, while giving them greater scale, reach and opportunity. He added that the combination positions Omnia’s businesses strongly for their next phase and provides an opportunity to take what has been built in South Africa onto an even larger international stage.
Solar Group’s Managing Director and Chief Executive Officer, Manish Nuwal, described Omnia as a business Solar has watched closely for some time. “Omnia is a high quality business we have long admired, with leading positions in Mining and Agriculture, differentiated technology and brands, and deep customer relationships built over many years. We have great respect for what the Omnia team has created and see significant potential to build on these strengths as part of the Solar Group. The proposed transaction represents an important step in our international growth ambitions. BME brings a strong global mining platform and leading technology in electronic initiation systems that complement our existing industrial explosives business, while Omnia Agriculture provides Solar group with an established position in integrated crop nutrition and biologicals, an attractive sector underpinned by the long term importance of food security, sustainable agriculture and farm productivity.”
He added, “Solar SA’s offer reflects the confidence in Omnia’s business, its people and its long term prospects. We look forward to welcoming Omnia’s talented teams to the Solar Group, building on what they have already achieved and unlocking the next chapter of shared growth. We welcome the Board’s preliminary assessment of the Offer and its stated intention to recommend the Scheme to Omnia shareholders,” said Nuwal. The strategic logic runs deepest in mining. BME’s digital blasting technologies, including AXXIS and its integrated ammonium nitrate capability complement Solar group’s manufacturing scale, initiating systems capabilities and international footprint, feeding directly into Omnia’s ambition to build a global mining solutions business of scale.
In agriculture, Omnia’s leading position in the SADC region, its trusted brand, differentiated product portfolio, Nutriology model and growing international biostimulants platform stand to gain from Solar group’s international presence, opening market access that supports the combined company’s broader growth and diversification ambitions. The transaction lands as a significant vote of confidence for South Africa, at a moment when foreign direct investment into the country’s industrial base carries outsized weight. It reflects, in effect, an international industrial group betting on the long term prospects of South Africa’s mining, agriculture and manufacturing sectors.
The acquirer has signalled that it recognises the importance of BBEE and public interest considerations and Omnia’s broader role in South Africa and intends to support the company’s continued contribution to economic transformation, inclusive growth and sustainable development, alongside continued investment in employee skills development, technology and R&D transfer, and broader international exposure. Until the transaction completes, Omnia and Solar group will continue to operate independently, with both companies maintaining their focus on customers. The deal remains subject to Omnia shareholder and regulatory approvals, along with the other scheme conditions set out in the firm intention announcement.
