Deepak Mining Solutions Limited (DMSL), a wholly owned subsidiary of Deepak Fertilisers And Petrochemicals Corporation Limited, has entered into an agreement to acquire 100% equity shares of an explosives manufacturer, from its existing shareholders for a consideration agreed between the parties subject to certain conditions precedents to be completed by the parties before the specified date.

The proposed acquisition is subject to completion of conditions precedents and successful closing of transaction. Due to confidentiality obligations, further details, including the name of the target, transaction value etc., will be shared upon successful closure of transaction.

The aforesaid acquisition will help in exports of value-added products and services drawing support from the upcoming Technical Ammonium Nitrate (TAN) capacities in DMSL's Gopalpur TAN plant. It will also help in export of differentiated products to DMSL's 100% owned Mining Services subsidiary in Australia.