SAN JOSE – Syrma Technology merged with SGS Tekniks in a cash and stock deal of Indian EMS companies, according to reports.

Syrma SGS Technologies will have a combined revenue of more than Rs 10 billion (US$134.2 million). Some 55% revenues are from exports to the US and Europe. The combined company aims to grow 20% year-over-year growth.

The companies did not disclose any financial terms if the deal.

Syrma SGS Technologies will have eight manufacturing facilities in India and three design centers, including in Chennai and Gurgaon, India, and Stuttgart, Germany. Currently, Syrma and SGS each have four factories in India.

Syrma designs and manufactures RFID technology, power electronics, and turnkey manufacturing services and custom magnetics, and delivers IoT products for the automotive, computing, industrial, medical, power, and telecom companies. Medical and defense electronics are surging, the firm says.

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