Syrma SGS Technology has announced the acquisition of Elcome Integrated Systems Private Limited and Navicom Technology International Private Limited. The acquisition of Elcome will occur in four tranches, with Syrma SGS initially acquiring 60% of Elcome for approximately INR 235 Crore. Post-acquisition, Navicom will become a wholly-owned subsidiary of Elcome, expanding Syrma’s presence in the defense and maritime sectors.
Strategic Acquisition Overview
Syrma SGS Technology is set to broaden its operational footprint through the acquisition of Elcome Integrated Systems and Navicom Technology. The board approved the deal on November 10, 2025. This move is aimed at enhancing Syrma SGS’s capabilities and market presence.
Elcome Acquisition Details
The acquisition of Elcome will be executed in four phases. Initially, Syrma SGS will acquire 60% stake in Elcome for around INR 235 Crore. This investment will be a mix of primary and secondary investments. The first tranche is expected to be completed by January 31, 2026, with a possible extension to March 15, 2026. All remaining tranches should be completed by December 31, 2028.
Navicom Acquisition Details
Following Syrma SGS’s initial investment in Elcome, Elcome will use part of the investment to acquire 100% of Navicom, which will become a wholly-owned subsidiary of Elcome.
Elcome Company Details
Elcome Integrated Systems, established on August 11, 1978, specializes in manufacturing defense and maritime equipment. Key financials include:
- FY 2022-23: INR 109 Crore
- FY 2023-24: INR 110 Crore
- FY 2024-25: INR 155 Crore
Navicom Company Details
Navicom Technology, established on March 22, 2002, also specializes in manufacturing defense and maritime equipment. Key financials include:
- FY 2022-23: INR 26 Crore
- FY 2023-24: INR 37 Crore
- FY 2024-25: INR 52 Crore
Rationale Behind the Acquisition
Syrma SGS aims to leverage the acquisition to expand into the defense and maritime sectors, capitalizing on emerging industry opportunities. The cost per share for the initial 60% acquisition of Elcome is approximately INR 3,155.6036. For Navicom, the acquisition price is approximately INR 166.67 per share.
Source: BSE
