Concord Control Systems Limited (BSE:543619) agreed to acquire 26% stake in Progota India Private Limited for INR 45 million on May 20, 2023. The acquisition was approved by the Board of Directors of Concord Control Systems Limited on May 20, 2023. Post the completion of the transaction Progota will operated as a associate company of Concord.

Progota generated revenue of approximately INR 4 million in 2022. The acquisition is expected to close in next two months.