Satyanarayan Nuwal’s Solar Industries wins Omnia vote for $1.3 billion South Africa takeover
Omnia Holdings shareholders have approved the R21.8 billion ($1.31 billion) cash takeover by Satyanarayan Nuwal's Solar Industries. The deal, worth about ₹12,951 crore, still needs approvals across Africa by 31 July 2027 and would end Omnia's 46-year JSE listing.
Shareholders of South Africa’s Omnia Holdings have approved the R21.8 billion ($1.31 billion) cash takeover by Solar Industries, the Nagpur explosives and defence group founded by Satyanarayan Nuwal. The vote was held at an online scheme meeting on Thursday, 5 November 2026, Billionaires.Africa reported; Business Insider Africa put backing at 99.97%. 1
What happened
Solar, through its South African unit Solar SA Investments, is offering R134.50 in cash for each of Omnia’s roughly 162 million shares, 14.3% above the price before its firm offer in September. The offer is backed by a bank guarantee. Once the scheme takes effect, Omnia will leave the Johannesburg Stock Exchange, where it first listed in 1980, and end its secondary listing on A2X, Billionaires.Africa said. 1
When the deal was announced on 14 September, the companies valued it at about $1.355 billion, roughly ₹12,951 crore, The Tribune reported. “It marks an important milestone in our ambition to become a global leader in explosives and blasting solutions,” said Manish Nuwal, Solar’s managing director and chief executive and the founder’s son. 2
Key numbers
| Item | Figure |
|---|---|
| Deal value | R21.8 billion, about $1.31 billion (about ₹12,951 crore at announcement) |
| Price per Omnia share | R134.50 in cash |
| Premium | 14.3% over the 11 September close |
| Omnia annual revenue | R24 billion, about $1.45 billion |
| Deadline for all conditions | 31 July 2027 |
| Satyanarayan Nuwal net worth | $7.65 billion, about ₹72,870 crore (Forbes, 5 Nov 2026) |
Who is Satyanarayan Nuwal?
Satyanarayan Nuwal, 74, was born in Bhilwara, Rajasthan, left formal education after matriculation and built Solar Industries from an explosives dealership in Nagpur. It is now India’s largest maker and exporter of industrial explosives and also makes ammunition, rockets and drones for India’s armed forces. He received the Padma Shri in 2026.
Forbes’ real-time list valued him at $7.65 billion, about ₹72,870 crore, on 5 November 2026, 25th in India. His family controls Solar, so the stock drives his fortune; see the Satyanarayan Nuwal net worth page for the breakdown.
Why Omnia
Omnia supplies explosives and blasting services to miners through its BME business, sells fertiliser and biological crop products to farmers, and runs a smaller chemicals unit. It operates in 23 countries and runs nitric acid and ammonium nitrate plants, a key raw material for explosives, The Tribune reported. 2
Solar expects the deal to deepen its supply of raw materials and its reach in mining. It has been building in Africa since a Zambian plant in 2010, started South African operations in 2015, opened a Middelburg factory in 2017 and bought blasting firm ProBlast in 2024. 2
What happens next
The deal still needs competition and regulatory approval in South Africa, clearance from the COMESA, East African Community and ECOWAS blocs and from Botswana, Namibia, Mali and Nigeria, consent from four Omnia contract partners and a Takeover Regulation Panel certificate, all by 31 July 2027, Billionaires.Africa reported. 1 For other Indian industrial founders, see the richest people in manufacturing and industrials.
Frequently asked questions
Who is Satyanarayan Nuwal?
He is the founder and chairman of Solar Industries India, the Nagpur explosives and defence maker. Forbes valued him at $7.65 billion, about ₹72,870 crore, on 5 November 2026.
How much is Solar Industries paying for Omnia?
R134.50 a share in cash, about R21.8 billion or $1.31 billion in total, according to Billionaires.Africa. At announcement it was valued at about ₹12,951 crore.
When will the Omnia deal close?
All conditions, including regulatory approvals in several African countries and trade blocs, must be met by 31 July 2027.
Who runs Solar Industries now?
His son Manish Nuwal is managing director and chief executive. Satyanarayan Nuwal is chairman.
- 1 Billionaires.Africa, Indian billionaire Satyanarayan Nuwal's Solar Industries wins vote for $1.3 billion Omnia buyout, 7 Nov 2026
- 2 ANI via The Tribune, Solar Industries arm to acquire South Africa's Omnia Holdings for Rs 12,951 crore, 14 Sep 2026