Mining & Infrastructure Company Board Approves Rs 107 Crore Stake Sale In IDL Explosives Subsidiary to Apollo Defence Industries
The stock has given 89 per cent of absolute returns in last five years.
GOCL Corporation Limited, formerly known as Gulf Oil Corporation Limited, announced on May 2, 2025, the approval by its Board of Directors for the disinvestment of IDL Explosives Limited (IDLEL), which is a wholly-owned material subsidiary of the Company.
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The Board has also approved a Share Purchase/Sale Agreement for the sale and transfer of the entire equity share capital held by the Company in IDLEL. The consideration received or to be received from the sale or disposal of the entire equity share capital of IDLEL is Rs 107 crores. The buyer is Apollo Defence Industries Private Limited (ADIPL), having its registered office in Hyderabad. ADIPL is a subsidiary of Apollo Micro Systems Limited, a company listed on the NSE and BSE.
GOCL Corporation Limited is a Hinduja Group Company with a history dating back to 1961. The company operates in multiple segments, including energetics and explosives, electronics manufacturing services, metal cladding, special projects for the defence and space sectors, and real estate. The energetics and explosives segment manufactures a wide range of products such as packaged and bulk explosives, detonators, and other initiating devices for the mining and infrastructure industries. The company also offers specialised products for defence and space applications and provides electronics manufacturing services to original equipment manufacturers. Additionally, GOCL has a metal cladding division and is involved in developing its land bank for real estate projects.
Disclaimer: The article is for informational purposes only and not investment advice.