Business Update3 May 2024, 02:36 am
Concord Control Systems Limited Approves Acquisition of Advanced Rail Controls Private Limited for Rs. 700 Lakhs
AI Summary
Concord Control Systems Limited's Board of Directors has approved the investment to acquire 66.66% Equity Shares of Advanced Rail Controls Private Limited against the consideration of around Rs. 700 lakhs. This acquisition will make Advanced Rail Controls a Subsidiary Company of Concord Control Systems Limited and is expected to enhance the company's railway electronics portfolio. Advanced Rail Controls, currently a vibrant entity with a turnover of 1424.66 lakhs FY 2023, is an manufacturer of railway-related products and has a sizable order book of roughly Rs. 140 crores.
Key Highlights
- Concord Control Systems Limited approves acquisition of Advanced Rail Controls Private Limited for Rs. 700 lakhs
- Advanced Rail Controls to become a Subsidiary Company of Concord Control Systems Limited
- Acquisition expected to enhance Concord Control Systems Limited's railway electronics portfolio
- Advanced Rail Controls has a sizable order book of roughly Rs. 140 crores
- Advanced Rail Controls focuses on developing high end embedded control solutions for rail domain