Additional aquisition of Fusion Electronics Private Limited
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Concord Control Systems has executed a Share Purchase Agreement (SPA2) on October 31, 2025, to acquire an additional 30% stake (29,700 equity shares of face value ₹100 each) in Fusion Electronics Private Limited, bringing its total holding to 80% and making Fusion a subsidiary. This is a follow-up to an earlier disclosure dated October 29, 2025. Fusion, incorporated in 1994, is claimed to be India's largest flex printed circuit board (PCB) manufacturer with 2,00,000 sq. metres of annual installed capacity and revenue potential of ~₹200 crore at full utilisation. The deal is a cash transaction, price kept confidential, with completion expected within six months. Notably, Fusion's turnover has been nil for the last three financial years, despite its marquee past customers including Ferrari, BMW, Mercedes Benz, and Land Rover.
This acquisition gives Concord a foothold in the high-value flex PCB and Electronic Manufacturing Services (EMS) space, with plans for 2x capacity expansion and forward integration into SMT and railway electronics. For shareholders, the deal signals an aggressive growth pivot, but the nil revenue track record of the target and undisclosed acquisition price warrant close attention to commercial milestones, especially the planned year-end commercialisation of the Lucknow facility.