Sterling Tools signs MoU with South Korea’s Yongin for EV components facility – ET Auto

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This association strengthens Sterling’s EV component portfolio by increasing local value addition and backward integration into passive components.

New Delhi: Sterling Tools Limited, a leading automotive fastener manufacturer and, through its subsidiary, the leading manufacturer of Motor Control Units (MCUs) in India, has signed a Memorandum of Understanding (MoU) with South Korea’s, Yongin Electronics, a major supplier of components to the Hyundai Kia Motor Group.

This strategic agreement, expected to generate INR 250 crore in business over the next 5 years, marks a crucial step in advancing the production of electric vehicle (EV) and electronic components within India. To enhance the production capacity, Sterling Tools Limited will set up a new greenfield manufacturing facility in the country, the company said in a media release.

This association strengthens Sterling’s EV component portfolio by increasing local value addition and backward integration into passive components. The MoU enhances Sterling’s capability to provide solutions for EV and hybrid space, as well as other automotive applications, incorporating the latest technology from Yongin. This collaboration between Sterling and Yongin covers the entire portfolio of magnetic components required for various applications in India’s EV and electronics manufacturing growth.

Anish Agarwal, Director, Sterling Tools Limited, said, “This MoU demonstrates Sterling’s commitment to developing the EV and Electronics ecosystem and contributing to “Make In India”. We are one step closer to our goal of strengthening our presence and offerings as a provider of green energy solutions in the automotive industry.”

K. H. Kim, CEO, Yongin Electronics, said, “We recognize the significant potential within the Indian EV market. It brings us great pleasure to announce our partnership with Sterling through the signing of an MOU. We are prepared to embark on a journey of mutual growth and collaboration within the Indian EV industry, contributing positively to its advancement.”

  • Published On Apr 18, 2024 at 12:57 PM IST

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