Key Highlights
- Syrma SGS to acquire 60% stake in Elcome for ~₹235 crore in first tranche.
- Acquisition includes Elcome Integrated Systems and Navicom Technology International.
- Navicom’s entire paid-up share capital to be acquired through Elcome in the first tranche.
- Elcome FY25 turnover stood at ₹155 crore and Navicom FY25 turnover stood at ₹52 crore.
- Full acquisition of Elcome to be completed in four tranches by December 2028.
Syrma SGS Technology Ltd has announced the acquisition of Elcome Integrated Systems Private Limited and Navicom Technology International Private Limited as part of its strategic expansion into the defence and maritime manufacturing segment. The acquisition proposal was approved by the company’s Board on November 10, 2025.
Under the first tranche of the transaction, Syrma SGS will acquire a 60% stake in Elcome for approximately ₹235 crore, through a combination of primary and secondary investment. The remaining three tranches are expected to be completed by December 2028, resulting in full 100% ownership.
As part of this structured deal, Elcome will further acquire 100% stake in Navicom Technology during the completion of the first tranche. Elcome will utilise the funds invested by Syrma SGS for this acquisition process. The transaction does not fall under related party transactions.
Elcome reported FY25 turnover of ₹155 crore, while Navicom posted ₹52 crore during the same year. Both entities operate in the defence and maritime equipment manufacturing segment, with presence in the Indian market. The acquisition is aligned with Syrma SGS’ long-term strategy to scale its footprint in high-growth defence and maritime verticals, considering future opportunity visibility within the segment.