© Syrma Technology Electronics Production | November 24, 2020
Syrma merges with SGS Tekniks
Syrma Technology and SGS Tekniks signed a merger agreement to "further strengthen their design and manufacturing capabilities for global and domestic OEMs".
Upon completion, the new company 'Syrma SGS Technologies' will have eight manufacturing facilities in India and three design centres in Asia (two in India) and Europe (one in Germany). Syrma SGS Technologies is projected to report an annual turnover of over Rs 1000 crore, or INR 10 billion (EUR 113 million), with 55% of revenues being generated through exports primarily to the USA and Europe. The deal was supported through a private equity investment by GEF. “The current revenue of Syrma is over Rs 550 crore, post the merger we’ll have a combined revenue of Rs 1000 crore,” Sandeep Tandon, Managing Director, Syrma Technology is cited in a The Economic Times article. “We’re projecting growth between 25% to 30% year-on-year and by 2021 we aim to achieve Rs 1200 crore in revenue.