Concord Control Systems Limited has signed a definitive Share Purchase Agreement (SPA) to acquire a 50% stake in Fusion Electronics Private Limited, marking its strategic entry into the high-value electronic manufacturing services (EMS) and flex printed circuit board (PCB) segment. With this acquisition, Fusion Electronics will become an associate company of Concord.
The acquisition was approved by Concord’s Board of Directors at its meeting held on October 29, 2025. The transaction involves a cash consideration as per the terms of the SPA. The price has not been disclosed due to confidentiality agreements. The acquisition is expected to be fully completed within six months.
Building a High-Value Electronics Platform
Fusion Electronics, incorporated in 1994 and headquartered in Lucknow, brings more than 31 years of experience in flex PCB manufacturing. It operates India’s largest flex PCB production facility with an installed capacity of 2,00,000 sq. meters per year. Once fully ramped up, the unit has the potential to generate annual revenues of over ₹200 crore with EBITDA margins exceeding 20%.
The company has historically supplied flex PCB solutions to marquee global clients in luxury automotive and industrial sectors, including Ferrari, BMW, Mercedes Benz, Land Rover, Magneti Marelli, Hella, and Automotive Lighting.
Concord’s management highlighted the acquisition as a transformational step into a niche electronics segment with limited domestic competition and significant import dependency. The move aligns with the company’s strategy to build capabilities within high-precision engineering and advanced manufacturing, particularly for India’s futuristic railway and defense ecosystem.
Integration & Future Roadmap
Concord plans to commercialize Fusion’s Lucknow facility before the end of the current fiscal year. Over the next three years, the company aims to:
- Expand manufacturing capacity by 2×
- Integrate value-added services including SMT and box-build assembly
- Develop a standalone advanced EMS platform serving strategic sectors
- Strengthen offerings for the Indian Railways through integrated electronics systems
Following the equity transfer, Mr. Sameer Mehan, one of the sellers, resigned from the board of Fusion Electronics. Concord nominated four new directors to Fusion’s board—Mr. Gaurav Lath, Mr. Nitin Jain, Mrs. Pankhuri Lath, and Mrs. Mahima Jain.
A Step Toward Industrial Self-Reliance
The acquisition reinforces Concord’s long-term vision to build a technologically advanced, self-reliant manufacturing ecosystem supporting India’s railways and electronics sectors. “Fusion strengthens Concord’s journey toward building India’s most advanced high-value railway ecosystem—powering innovation, self-reliance, and growth,” the company stated.