On October 29, 2025, Concord Control Systems Limited announced that it has acquired a 50% equity stake in Fusion Electronics Private Limited, marking its entry into India's flexible printed circuit board (PCB) manufacturing and high-value electronic manufacturing services (EMS) sector.

The transaction, executed through a definitive Share Purchase Agreement, will be completed within six months and is structured as a cash deal. Fusion Electronics will become an associate company of Concord Control Systems following the acquisition.

Fusion Electronics operates India's largest flex PCB manufacturing facility with an annual capacity of 200,000 square meters and potential full-capacity revenue of more than INR 2 billion (approximately USD 22.54 million / CNY 160.36 million). The company delivers EBITDA margins of over 20% and has expertise in flex roll-to-roll, rigid panel, and flex panel manufacturing. Its client base includes global automotive brands such as Ferrari, BMW, Mercedes-Benz, Land Rover, Magneti Marelli, and Hella.

Concord said the acquisition aligns with its strategy to expand beyond railway systems into high-value, import-dependent electronics manufacturing. By leveraging Fusion's capabilities, the company plans to build a standalone EMS platform serving strategic sectors including railways, automotive, and industrial electronics.

Concord outlined a three-year roadmap that includes doubling Fusion's current capacity, forward integration into surface-mount technology (SMT), box-build and railway electronics, and commercialization of Fusion's Lucknow facility before the end of the current fiscal year.

The company also emphasized that the move supports India's push for import substitution and technological self-reliance within the electronics sector.

As part of the transaction, Fusion Electronics has undergone board restructuring. Former director Sameer Mehan resigned effective 11:59 p.m. on October 29, 2025. New board members include Gaurav Lath, Nitin Jain, Pankhuri Lath, and Mahima Jain.

Industry analysts say the deal positions Concord to capitalise on growing domestic demand for flex PCBs—critical components in automotive, consumer electronics and industrial applications—while strengthening its role within the railway ecosystem.