Sterling Tools Limited, a leading automotive fastener manufacturer, has taken a significant stride towards bolstering India’s electric vehicle (EV) industry by signing a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co Ltd. The strategic collaboration facilitated through Sterling’s subsidiary, Motor Control Units (MCUs) in India, is poised to usher in a new era of localized production of EV and electronic components within the country.
According to the company’s statement, the MoU is anticipated to generate Rs 250 crore in business over the next five years, signaling a substantial investment in India’s burgeoning EV sector. As part of the agreement, Sterling Tools Limited will establish a new greenfield manufacturing facility to accelerate production capacity and enhance local value addition.
Yongin Electronics Co Ltd, renowned for its supply of components to the Hyundai Kia Motor Group, brings invaluable technological expertise to India’s evolving EV landscape. The collaboration strengthens Sterling’s EV component portfolio, aligning with the ‘Atmanirbhar Bharat’ vision of self-reliance championed by the Government of India.
Anish Agarwal, Director of Sterling Tools Limited, underscored the company’s commitment to fostering the EV and electronics ecosystem in India. “This MoU demonstrates Sterling’s dedication to ‘Make In India’ and developing green energy solutions for the automotive industry,” remarked Agarwal. “We are one step closer to realizing our goal of becoming a prominent provider of sustainable automotive solutions.”
KH Kim, CEO of Yongin Electronics Co Ltd, expressed confidence in India’s burgeoning EV market and highlighted the partnership’s potential for mutual growth and collaboration. “We are delighted to announce our partnership with Sterling through this MoU,” stated Kim. “We are poised to embark on a journey of shared advancement within the Indian EV industry, contributing positively to its evolution.”
Yongin Electronics Co Ltd, with 47 years of experience in the electronics industry, is a renowned manufacturer of electronic components such as transformers, AC/DC reactors, coils, chokes, EMI filter boards, DC link EMI filters, high-current DC connectors, and metal ferrite cores. The company’s participation in the development of Korea’s electronics industry underscores its commitment to technological innovation and advancement.
The collaboration between Sterling Tools Limited and Yongin Electronics Co Ltd signifies a pivotal moment in India’s transition towards electric mobility, setting the stage for accelerated growth and innovation in the EV sector.
