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Solar Industries, one of the largest manufacturers of industrial explosives including packaged emulsion explosives, bulk explosives and explosive initiating systems, plans to invest ₹300 crore to enhance its capacity and defence capabilities.
The company recently commissioned a manufacturing unit in South Africa and plans to enter Australia soon. It supplies explosives for mining, defence and infrastructure sectors.
In the defence segment, it has an order book of ₹430 crore, and is working to build capacity. Coal India, one of the largest customers of the company, has placed a a ₹610-crore order and Singareni Collieries, has pending order of ₹290 crore. Nilesh Panpaliya, CFO, Solar Industries said the company hopes to grow 20 per cent in the next two financial years as it expects higher demand for explosives from Coal India. The recent government restriction on coal import should boost domestic demand and help its production, he added.
Moreover, the manufacturing plant in Africa will start contributing to revenue from this year. The company is targeting three per cent market share in Africa.
He said the domestic market is expected to grow by about eight per cent and the global market by six per cent.
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