Solar Industries India Limited has bagged an order worth ₹887 crore from Singareni Collieries Company Limited for supply of explosives and initiating systems, the company announced today. The contract, which will be executed over a period of two years, includes the supply of SME explosives, LDC explosives and the initiation of overburden blasting systems.
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Shares of Solar Industries India Limited were trading at ₹9,760 at 1.10 pm today, down ₹127.65 or 1.29 per cent on the NSE.
The domestic mining company’s order includes the supply of both bulk explosives and initiation systems. The contract will be executed on a domestic basis, without the involvement of international entities. The company confirmed that the order does not fall under related party transactions and there is no interest from the promoter or promoter group companies in the contract.
Solar Industries India Limited will supply these materials to Singareni Collieries, one of India’s largest coal producers. The contract strengthens Solar Industries’ position in the mining explosives market and adds to their order book for the next two years.
