Concord Control Systems Limited (BSE: CNCRD), one of India’s foremost producers of embedded electronic systems and critical electronic solutions, has announced the acquisition of Fusion Electronics Private Limited, signaling a major strategic entry into the country’s high-value electronics manufacturing segment. Founded in 1994, Fusion Electronics is India’s largest producer of flexible printed circuit boards (flex PCBs) with an annual installed capacity of 200,000 square meters and a revenue potential of approximately ₹200 crore at full scale.
The company operates with robust profitability, maintaining EBITDA margins above 20%. Its production portfolio spans flex roll-to-roll, rigid panel, and flex panel processing technologies, serving high-end clients in the luxury automotive, industrial, and electronic device sectors worldwide.
Through this acquisition, Concord positions itself at the forefront of the flex PCB manufacturing domain—a specialized and high-margin segment with significant import dependency in India and limited domestic competition. The move aligns with Concord’s commitment to precision engineering, quality manufacturing, and promoting indigenous production of technologically advanced, import-substitute components.
Commenting on the acquisition, Gaurav Lath, Joint Managing Director of Concord Control Systems, said, “This marks a pivotal step toward our goal of becoming a global leader in Electronics Manufacturing Services (EMS). Fusion’s advanced capabilities, strong international client base, and modern infrastructure perfectly complement our expertise. Together, we aim to deliver superior quality, faster innovation, and a wider range of solutions across railway and industrial electronics.”
The acquisition strengthens Concord’s broader mission to develop India’s most advanced EMS and railway electronics ecosystem—supporting innovation, self-reliance, and sustainable growth. The company plans to fully commercialize the Lucknow manufacturing unit by the end of 2025, followed by a twofold capacity expansion over the next three years. Concord also intends to advance into Surface Mount Technology (SMT), box-build manufacturing, and next-generation railway electronics, creating a unified, high-value EMS platform serving critical industries.
Concord Control Systems Limited (CNCRD) is India’s leading developer of embedded electronic systems and mission-critical electrical solutions supporting the modernization of Indian Railways. An RDSO-approved OEM and recognized technology innovator, the company designs and manufactures advanced systems that meet international quality, safety, and environmental standards. Concord’s operations are aligned with the Government of India’s Gati Shakti initiative, emphasizing efficiency, sustainability, and zero-defect manufacturing. As a trusted partner in India’s railway transformation, the company continues to expand globally, delivering durable, high-performance systems engineered for demanding environments.
Headquartered in Lucknow, Fusion Electronics is a pioneer in flexible printed circuit board manufacturing with over three decades of industry experience. The company caters to global clients across the automotive, aerospace, defence, and medical electronics sectors. Its cutting-edge facilities and expertise have made it a preferred supplier for some of the world’s leading automotive brands, setting new benchmarks for quality and innovation in India’s electronics manufacturing landscape.
