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Sterling Tools partners with Yongin Electronics for EV component production in India

Sterling Tools Limited (BSE: 530759) (NSE: STERTOOLS), an automotive fastener manufacturer and, through its subsidiary, a manufacturer of Motor Control Units (MCUs) in India, has entered into a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co., Ltd, for an EV component production facility. The agreement is anticipated to generate INR 250 crore in business over the next 5 years, with a focus on advancing India’s EV sector. To enhance production capacity, Sterling Tools Limited will establish a new greenfield manufacturing facility in the country.

Yongin Electronics Co., Ltd, a major supplier of components to the Hyundai Kia Motor Group, will provide technological expertise to India’s EV sector through this collaboration. The MoU aligns with the ‘Atma Nirbhar Bharat’ vision of the Indian government by increasing local value addition and backward integration into passive components. The partnership enhances Sterling’s capability to provide solutions for EV and hybrid vehicles, incorporating technology from Yongin. It covers the entire portfolio of magnetic components required for various applications in India’s EV and electronics manufacturing growth.

Commenting on this new association, Anish Agarwal, Director from 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 strengthening our presence and offerings as a provider of green energy solutions in the automotive industry.”

K. H. Kim, CEO of Yongin Electronics Co., Ltd 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.”

Yongin Electronics, with 47 years of experience, specializes in 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. The company has played a significant role in the development of Korea’s electronics industry. It operates in South Korea, Vietnam, and China to serve its OEM customer base.

Established in 1979, Sterling Tools Limited produces fasteners for a range of automotive segments, including passenger cars, two-wheelers, commercial vehicles, agri-equipment, and construction equipment. The company has expanded into electric vehicles to meet changing market needs by signing of this MoU.

Also read: Field oriented control of permanent magnet synchronous motor in electric vehicles | Whitepaper by Sterling Gtake

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