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Solar Industries India Ltd.

BSE: 532725 Sector: Industrials
NSE: SOLARINDS ISIN Code: INE343H01029
BSE 15:40 | 23 Feb 1012.55 -2.45
(-0.24%)
OPEN

1020.00

HIGH

1025.40

LOW

1007.10

NSE 15:45 | 23 Feb 1014.50 4.20
(0.42%)
OPEN

1024.95

HIGH

1024.95

LOW

1008.00

OPEN 1020.00
PREVIOUS CLOSE 1015.00
VOLUME 1690
52-Week high 1232.15
52-Week low 712.05
P/E 72.27
Mkt Cap.(Rs cr) 9,164
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1020.00
CLOSE 1015.00
VOLUME 1690
52-Week high 1232.15
52-Week low 712.05
P/E 72.27
Mkt Cap.(Rs cr) 9,164
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Solar Industries India Ltd. (SOLARINDS) - Company History

Solar Industries India Ltd is a leader in the specialized industry of explosives. The company is engaged in the manufacturing of complete range of industrial explosives and explosive initiating devices. They manufacture various types of packaged emulsion explosives, bulk explosives and explosive initiating systems. Its bulk explosives are used for large open cast projects. Their product range includes cartridge explosives, bulk explosives, detonators and detonating fuse etc. The packaged explosives are available in different diameters ranging from 25 millimeter to 200 millimeter. The packaged explosives are used for tunneling, underground metal-ferrous mines, civil construction projects and shaft sinkings. SIIL's cast booster is used for priming insensitive explosives like ammonium nitrate and fuel oil (ANFO), slurries and emulsion. Solar Industries India Ltd was incorporated on February 24, 1995 with the name Solar Explosives Limited. The company was promoted by Satyanarayan Nuwal, Nandlal Nuwal and Kailashchandra Nuwal. By the year 1996, Solar established trade network as well as Institutional market. The company started manufacturing Slurry Explosives in the year 1996 and Detonating Cords in the year 1998. With the success of this unit, they forayed into manufacturing of Detonators through Economic Explosives Ltd, non-Explosive intermediaries through Solar Components Pvt Ltd, and Bulk Explosives through Solar Capitals Ltd. In September 2005, the company acquired all the shares from the promoters of Economic Explosives Ltd, Solar Capitals Ltd and Solar Component Ltd by swapping their holding with the shares of the company to make the three companies as their wholly owned subsidiaries. During the year 2005-06, the company commissioned a 10,000 MT capacity bulk explosives plant at Jharsiguda in Orissa to meet the requirement of Mahanadi Coal Fields Ltd. Also, they commissioned 10,000 MT capacity Plant for manufacture of bulk explosives in Ramgarh, Jharkhand State, to meet the requirement of Central Coal Fields Ltd. During the year 2007-08, the company incorporated Somu Steels & Power Ltd as wholly owned Subsidiary of the company. They acquired 74% Shares of Navbharat Coalfields Ltd a company located at Raipur engaged in the business of mining & minerals business. Thus, Somu Steels & Power Ltd became a subsidiary of the company. Also, they incorporated a new overseas subsidiary company, namely Solar Nitrochemicals Ltd at Tanzania. The company successfully commissioned 9 Bulk plants at various locations. Also, they started operations with TISCO in Jharkhand. During the year 2008-09, the company's wholly owned subsidiaries, Solar Capital Ltd and Solar Industries Ltd merged with the company with effect from April 1, 2008. Also, the company changed their name from Solar Explosives Ltd to Solar Industries India Ltd. In addition, they formed a JV company with the Chhattisgarh Mineral Development Corporation in association with SMS Infrastructure for two coal blocks at Bhatgaon, Chhattisgarh. During the year, the company incorporated PT Solar Mining Resources at Indonesia as wholly owned Subsidiary of the company. Also, they incorporated three new overseas subsidiaries companies namely Solar Recursos Minerals LDA, Solar Industrias LDA, Solar Agro Florestal LDA, at Mozambique as wholly owned subsidiaries of the company. During the year 2009-10, the company incorporated two new Overseas Subsidiary Companies, namely Solar Overseas Mauritius Ltd at Mauritius and Solar Overseas Netherlands Cooperatie U.A. at Netherlands. Also, the company transferred their shares in Somu Steels & Power Ltd to other shareholders and thus Somu Steels & Power Ltd ceased to be a subsidiary of the company. The company has collaborated with local players in the African region to set up manufacturing plants in Zambia, Tanzania and Nigeria. In April 2010, the company commenced a plant at Zambia to manufacture bulk explosives under the 65% subsidiary Solar Explochem Zambia Ltd. The company proposes to set up a plant at Tanzania, which is expected to commence operations during the financial year 2010-11. Also, the plant in Nigeria is expected to be operational during the financial year 2010-11.