Electronic design and manufacturing services firms Syrma Technology and SGS Tekniks have signed a cash-cum-stock merger agreement, under which a new entity named Syrma SGS Technologies Pvt Ltd will be created. The new firm will have a combined turnover of over Rs 1,000 crore, with 55 per cent revenues coming from exports primarily to the US and Europe.
The deal was supported by a Private Equity investment by GEF.
Upon completion of this Merger, Syrma SGS Technologies Pvt Ltd will have eight manufacturing facilities in India across Gurgaon, Manesar, Bawal, Baddi, Bengaluru, Chennai and Bargur, and three design centres in Chennai, Gurgaon and Stuttgart (Germany).
The combined entity will serve marquee customers in water purification, medical and automotive industries.
Sandeep Tandon, MD, Syrma Technology said the merger with SGS Tekniks can help them to grow business by over 20 per cent year-on-year.
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