Syrma SGS Technology Limited, a leading electronics manufacturing services (EMS) company in India, has announced a strategic joint venture with Shinhyup Electronics Co. Ltd, a reputed South Korean electronic components manufacturer. The agreement was officially signed on July 15, 2025, and also involves Syrma Strategic Electronics Private Limited, a wholly owned subsidiary of Syrma SGS.

The newly formed joint venture aims to manufacture multi-layer Printed Circuit Boards (PCBs), including flexible PCBs and related advanced electronic components that are critical for sectors such as automotive, industrial automation, consumer electronics, and healthcare devices. The deal is strategically timed to support India’s growing ambitions in high-tech electronics manufacturing under the “Make in India” initiative and aims to reduce dependence on imported critical components.

As per the joint venture agreement, Syrma SGS will hold a 75% stake in the JV, while the remaining 25% will be owned by Shinhyup Electronics. Syrma will also have the right to nominate and appoint a majority of the directors on the board of the JV company, ensuring strategic and operational control. The joint venture is expected to strengthen Syrma’s backward integration capabilities while offering access to advanced Korean manufacturing know-how in flexible and multilayer PCB production.

This partnership is especially significant in the current macroeconomic and geopolitical environment, where global OEMs are diversifying their supply chains away from a China-centric model. By teaming up with a proven player from South Korea, Syrma SGS is not only expanding its production footprint but also enhancing its technological edge in the electronics ecosystem.

Shinhyup Electronics, known for its innovation in precision PCB solutions, brings its robust R&D capabilities and advanced production techniques to the table. Combined with Syrma SGS’s large-scale Indian manufacturing infrastructure and access to top-tier OEM clients, the JV is positioned to become a key supplier of high-end PCBs to both domestic and global markets.

The formation of this JV does not fall under the related party transaction category and has been executed as an arms-length, independent strategic initiative. No prior shareholding existed between the parties before this agreement.

The initiative marks another milestone in Syrma SGS Technology’s long-term strategy to become a full-stack EMS provider by expanding into key component manufacturing. The joint venture will enable the company to meet the rising demand for localized, reliable, and high-performance PCB components across emerging industries such as electric vehicles, 5G, and industrial IoT.

The JV will begin operations after the incorporation of the new entity and is expected to commence commercial production within the next few quarters. Further updates regarding capex, plant location, and hiring are expected in subsequent disclosures.

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