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Sterling Tools Inks Deal With Korean Firm For EV Component Manufacturing

Updated: Apr 18, 2024 02:45:13pm

Sterling Tools Inks Deal With Korean Firm For EV Component Manufacturing

New Delhi, Apr 18 (KNN) Sterling Tools Limited, an Indian automotive fastener maker, has signed a Memorandum of Understanding (MoU) with Yongin Electronics Co Ltd, a South Korean supplier to Hyundai Kia Motor Group.

The strategic tie-up between Sterling's subsidiary Motor Control Units and Yongin is expected to generate Rs 250 crore business over the next five years.

The agreement marks a crucial step for advancing electric vehicle (EV) and electronic component production in India.

As part of the deal, Sterling Tools will establish a new greenfield manufacturing facility in the country to ramp up production capacity.

The partnership will allow Sterling to leverage Yongin's technological expertise to strengthen its EV component portfolio through increased local value addition and backward integration into passive components. This aligns with the Government of India's 'Atmanirbhar Bharat' vision of self-reliance.

Anish Agarwal, Director at Sterling Tools, said the MoU demonstrates their commitment to developing India's EV and electronics ecosystem under the 'Make in India' initiative.

KH Kim, CEO of Yongin Electronics, expressed excitement about tapping into India's significant EV market potential through this collaboration.

Yongin is a leading Korean manufacturer of electronic components like transformers, reactors, coils, EMI filters, and ferrite cores, contributing to the nation's electronics industry for over 47 years.

(KNN Bureau)


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