Sterling Tools announced that this strategic partnership is anticipated to bring in Rs 250 crore in business over the next five years. This collaboration is seen as a significant move towards enhancing the manufacturing of electric vehicles (EVs) and electronic components in India.
Sterling Tools Limited, an automotive fastener producer, has inked a Memorandum of Understanding (MoU) through its subsidiary, Motor Control Units (MCUs) in India, with South Korea’s Yongin Electronics Co Ltd, a key supplier to the Hyundai Kia Motor Group. This MoU, as per the company, is anticipated to generate Rs 250 crore in revenue over the next five years and is a significant step toward boosting the manufacture of electric vehicles (EVs) and electronic components in India. To enhance its production capabilities, Sterling Tools will establish a new greenfield manufacturing site in the country. Yongin Electronics, renowned for its technological expertise, will support India’s burgeoning EV sector, enhancing Sterling’s component range through increased local production and integration of passive components, aligning with India’s ‘Atmanirbhar Bharat’ initiative.
Anish Agarwal, Director at Sterling Tools, expressed that the MoU highlights their commitment to enhancing the EV and electronics sectors. He noted that this agreement supports the ‘Make in India’ initiative and advances its goal of strengthening its role as a provider of green energy solutions in the automotive industry.
KH Kim, CEO of Yongin Electronics, conveyed their enthusiasm for the partnership with Sterling through the MoU, highlighting the immense potential they see in the Indian EV market. Kim expressed readiness to embark on a journey of mutual growth and contribute to the advancement of the Indian EV industry.
Yongin has been a pivotal player in Korea’s electronics sector for 47 years, specializing in the manufacturing 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.
