For the EV components plant, Sterling Tools and Yongin Electronics of South Korea sign an agreement
The automotive fastener maker Sterling Tools Limited, via its Indian subsidiary Motor Control Units (MCUs), has inked a Memorandum of Understanding (MoU) with Yongin Electronics Co Ltd, a South Korean supplier of parts to the Hyundai Kia Motor Group.
The firm said that this strategic collaboration is a critical step in developing the manufacture of electric vehicles (EVs) and electronic components inside India, and that it is projected to create business worth Rs 250 crore over the next five years. Sterling Tools Limited plans to establish a new greenfield manufacturing site in the nation in order to increase production capacity.
Yongin Electronics Co Ltd, a major component supplier, contributes its technical know-how to India’s expanding electric vehicle industry. In keeping with the Government of India’s “Atmanirbhar Bharat” mission, this alliance expands local value addition and backward integration into passive components, strengthening Sterling’s range of EV components.
“This MoU underlines Sterling’s commitment to strengthening the EV and Electronics ecosystem and helping to “Make In India,” stated Anish Agarwal, Director of Sterling Tools Limited. Our objective of enhancing our visibility and portfolio as a supplier of sustainable energy solutions to the automobile sector is getting closer.
According to KH Kim, CEO of Yongin Electronics Co. Ltd., “We are aware of the Indian EV market’s enormous potential.” We are delighted to announce that we have signed an MOU to form a collaboration with Sterling. We are ready to set out on a path of reciprocal development and cooperation within the Indian EV sector, positively influencing its progress.
Over the last 47 years, Yongin, a maker of electronic components, has contributed to the growth of Korea’s electronics sector. Products include transformers, AC/DC reactors, coil and choke, EMI filter boards, DC link EMI filters, high current DC connectors, and metal ferrite cores.
