GOCL Corporation has completed the sale of its subsidiary, IDL Explosives to Apollo Defence Industries, thus completing the divestment process approved by shareholders early this year. IDL Explosives has manufacturing facilities in Rourkela and many other locations. Apollo Defence intends to expand and strengthen the business in line with its strategic plans in the rapidly growing Defence Sector.
With the completion of this divestment process, the company and the Hinduja Group will conclude its strategic exit from the explosives and detonator business portfolio. Last year, the company ceased operations at its Hyderabad plant as the nature of the business no longer aligned with the city’s evolving metropolitan landscape. The company continues to hold substantial landbank and real estate assets across the country. It expects to complete the ongoing monetisation of its Hyderabad land in near future.
GOCL Corporation (formerly Gulf Oil Corporation) has been an industry leader in Energetics & Commercial Explosives by providing innovative solutions to its customers.
