Economic Explosives to Invest ₹12,700 Crore in Nagpur Defence and Aerospace Project
Solar Industries India Ltd announced that its subsidiary, Economic Explosives Limited (EEL), has signed a memorandum of understanding (MoU) with the Government of Maharashtra to establish a defence and aerospace manufacturing hub in Nagpur. The agreement was formalized at the World Economic Forum in Davos, Switzerland, on January 22, 2025.
The project involves an estimated investment of ₹12,700 crore and will focus on manufacturing defence-related technologies, including drones and unmanned aerial vehicles (UAVs), counter-drone systems, energetic materials, next-generation explosives, and military transport aircraft.
The Maharashtra government has agreed to facilitate the project by providing necessary permissions and approvals, assisting with registrations and clearances, and offering financial incentives in accordance with state policies.
According to a statement from Solar Industries, the initiative aims to contribute to the development of defence and aerospace manufacturing capabilities in India. The partnership between Economic Explosives Limited and the Maharashtra government is expected to support technological advancements and job creation in the sector.