Published On:April 20 2024
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Sterling Tools Inks MoU with South Korea's Yongin for EV Components Facility, Targets Rs. 250 Crore Revenue by FY30

Sterling Tools Limited (BSE: 530759) (NSE: STERTOOLS), a major player in automotive fastener manufacturing and a leading manufacturer of Motor Control Units (MCUs) in India through its subsidiary, has forged a strategic partnership. The company signed a Memorandum of Understanding (MoU) with Yongin Electronics Co., Ltd, a prominent supplier of components to the Hyundai Kia Motor Group in South Korea.

This collaborative venture aims to revolutionize the production of electric vehicle (EV) and electronic components in India and is anticipated to generate business worth Rs. 250 crore over the next five years. Sterling Tools Limited plans to establish a new greenfield manufacturing facility in India to ramp up production capacity as part of this initiative.

Yongin Electronics Co., Ltd, renowned for its technological expertise, will contribute to India's burgeoning EV sector by providing vital components. This partnership aligns with the 'Atma Nirbhar Bharat' vision of the Government of India by enhancing local value addition and backward integration into passive components.

The MoU enhances Sterling's capabilities in the EV and hybrid space, as well as other automotive applications, by incorporating cutting-edge technology from Yongin. The collaboration spans the entire portfolio of magnetic components required for various applications in India's EV and electronics manufacturing sectors.

Commenting on the partnership, Anish Agarwal, Director at Sterling Tools Limited, emphasized the company's commitment to developing the EV and Electronics ecosystem and contributing to "Make In India." He expressed optimism about strengthening Sterling's presence and offerings as a provider of green energy solutions in the automotive industry.

K. H. Kim, CEO of Yongin Electronics Co., Ltd, highlighted the significant potential within the Indian EV market and expressed enthusiasm for the partnership with Sterling. He affirmed the company's readiness to embark on a journey of mutual growth and collaboration within the Indian EV industry.

Yongin Electronics Co., Ltd, with 47 years of experience, is a leading manufacturer of electronic components and has played a pivotal role in the development of Korea's electronics industry.

The signing of this MoU positions Sterling Group to lead the transition towards a sustainable and technologically advanced future in the automotive industry as it evolves to meet the demands of the electric vehicle era.

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