Lucknow, October 29, 2025: Concord Control Systems Limited has announced the acquisition of a 50% equity stake in Fusion Electronics Private Limited, marking its entry into the flex printed circuit board (PCB) manufacturing segment. The acquisition, formalized through a definitive Share Purchase Agreement (SPA) signed today, makes Fusion Electronics an associate company of Concord Control Systems.
Strategic expansion into high-value manufacturing
The move represents Concord’s foray into sunrise electronic manufacturing services, leveraging Fusion’s three-decade-long legacy in flex PCB production — a high-value, import-dependent product category in India.
Fusion operates the largest flex PCB manufacturing unit in India, with an installed capacity of 2,00,000 sq. meters annually and a revenue potential of over Rs 200 crore at full capacity, supported by EBITDA margins exceeding 20%.
The acquisition enables Concord to expand its engineering and manufacturing capabilities beyond railway systems, entering niche electronics and industrial segments. The company aims to commercialize the Lucknow facility before year-end, with a three-year roadmap targeting:
- Doubling production capacity
- Forward integration into surface-mount technology (SMT), box-build, and railway electronics
- Creation of a standalone, high-value EMS platform serving strategic industries
Board restructuring and leadership update
Following the acquisition, Mr. Sameer Mehan, one of the former promoters, resigned from the Board of Fusion Electronics, effective October 29, 2025 (11:59 PM).
Fusion has inducted Mr. Gaurav Lath, Mr. Nitin Jain, Mrs. Pankhuri Lath, and Mrs. Mahima Jain as new directors.
Significance of the acquisition
Fusion’s clientele includes top-tier global automotive brands such as Ferrari, BMW, Mercedes-Benz, Land Rover, Magneti Marelli, and Hella.
Concord’s entry into this domain positions it to drive import substitution, support Make in India initiatives, and expand its high-margin manufacturing portfolio.
The acquisition is a cash transaction, with completion expected within six months. No government or regulatory approvals are required.
Concord stated,
“Fusion strengthens our journey towards building India’s most advanced, high-value railway and electronics ecosystem — powering innovation, self-reliance, and growth.”
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