Syrma SGS Technology Limited 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% for approximately INR 235 Crore via primary and secondary investment. Post-acquisition, Navicom will become a wholly-owned subsidiary of Elcome, enhancing Syrma SGS’s presence in the defense and maritime sectors.
Strategic Acquisitions Announced
Syrma SGS Technology Limited has officially announced the acquisition of Elcome Integrated Systems Private Limited (Elcome) and Navicom Technology International Private Limited (Navicom). The Board of Directors approved the execution of agreements to facilitate these acquisitions on November 10, 2025.
Deal Structure and Details
The acquisition of Elcome will be completed in four tranches. Initially, Syrma SGS will acquire 60% of Elcome’s paid-up share capital for approximately INR 235 Crore. This investment will be a mix of primary and secondary investments. The first tranche is expected to close by January 31, 2026, with a possible extension to March 15, 2026, if necessary. The remaining tranches are scheduled to be completed tentatively by December 31, 2028.
Elcome will acquire 100% of Navicom, making Navicom a wholly-owned subsidiary of Elcome. The funds invested by Syrma SGS in Elcome’s first tranche will partially fund the acquisition of Navicom.
Elcome and Navicom Overview
Elcome, established on August 11, 1978, specializes in manufacturing defense and maritime equipment. For the fiscal year 2024-25, Elcome reported a turnover of INR 155 Crore.
Navicom, incorporated on March 22, 2002, also focuses on manufacturing defense and maritime equipment. The company reported a turnover of INR 52 Crore for the fiscal year 2024-25.
Strategic Rationale
These acquisitions are aligned with Syrma SGS’s strategic vision to expand into the defense and maritime sectors, capitalizing on emerging opportunities within these industries.
Source: BSE
