Concord Control Systems Limited has taken a decisive step in its growth journey by acquiring a majority stake in Fusion Electronics Private Limited, a Lucknow-based manufacturer of flex printed circuit boards. The company confirmed that it signed a definitive Share Purchase Agreement on October 31, 2025, following approval from its Board earlier that day. With this acquisition, Fusion Electronics will officially become a subsidiary of Concord, marking the company’s formal entry into the electronic manufacturing services space.
Fusion Electronics, incorporated in 1994, brings with it more than three decades of experience in the production of flex printed circuit boards, catering to well-known international clients such as Ferrari, BMW, Mercedes-Benz, Land Rover, Magneti Marelli and Hella. The company operates India’s largest flex PCB manufacturing unit, with an installed capacity of around two lakh square meters a year. At full capacity, the business has a revenue potential of over two hundred crore rupees and an EBITDA margin of more than twenty percent.
The transaction, which will be completed through a cash consideration, will give Concord Control Systems an eighty percent controlling stake in Fusion. The company expects the process to be completed within six months. Following the deal, Mr. Rajesh Ramchandani has resigned from Fusion’s board, while Mr. Gaurav Lath, Mr. Nitin Jain, Mrs. Pankhuri Lath and Mrs. Mahima Jain have joined as new directors.
Through this acquisition, Concord is making its entry into a niche segment that has limited domestic competition but heavy import reliance. The company described the move as a strategic leap into high-value manufacturing, aligning with its long-term goal of building a self-reliant, technology-driven ecosystem in India. It plans to use its existing engineering and manufacturing expertise to strengthen Fusion’s operations and unlock its full potential.
The management also highlighted that Fusion’s integration will help Concord deepen its presence in the railway electronics space, while also expanding into other high-margin manufacturing segments. The immediate focus is on the commercialisation of the Lucknow facility before the end of the financial year, followed by capacity expansion and forward integration into areas such as surface mount technology, box build and other advanced electronic systems.
