Hyderabad: Apollo Defense Industries completes acquisition of IDL Explosives Limited
Apollo Defence Industries, a subsidiary of Apollo Micro Systems, has completed its full acquisition of IDL Explosives from GOCL Corporation. The move strengthens Apollo’s defence capabilities, adding advanced explosives and warhead technologies. IDL’s manufacturing units will support the group’s expansion plans
Hyderabad: Space and technology provider Apollo Micro Systems Limited, on Monday, announced that its subsidiary company, Apollo Defence Industries Private Limited, has successfully completed the transaction for complete acquisition of IDL Explosives Limited with GOCL Corporation Limited.
“We announce the completion of the 100 per cent purchase of IDL Explosives Ltd. With completion of the corporate action, IDL Explosives Limited now becomes the step-down subsidiary of Apollo Micro Systems Limited,” a press release said.
IDL Explosives Limited has manufacturing facilities in Rourkela and many other locations. Apollo Group intends to expand and strengthen the business in line with its strategic plans in the rapidly growing Defence Explosive Sector, the release said.
With this acquisition, Apollo Group aims to strengthen its footprint in the defence sector by adding the critical capabilities of next-generation high-end defence-grade explosives, propellants and warhead systems to its already fortified expertise in Weapon System Electronics and Platforms.
Speaking on the occasion, Baddam Karunakar Reddy, MD, Apollo Micro Systems Limited, expressed, “We are truly humbled to be chosen for this strategic acquisition amidst competition, and we pledge to uphold the legacy and value that IDL represents”.
