Sterling Gtake bags Rs 60 crore order to supply motor control units for electric 2W OEM
Sterling Tools expects EV component business to contribute more than 10% of its overall revenues.
New Delhi-based Sterling Gtake E-mobility (SGEM), part of the Sterling Tools Group, a leading manufacturer of cold-forged hi-tensile fasteners has secured an order worth Rs 60 crore for supplying motor control units (MCUs) from a leading electric two-wheeler OEM.
The company says it is engaged with China-based Jiangsu Gtake Electric, a leading EV/HEV motor controller manufacturer to support Indian EV OEMs with leading-edge-technology products.
Anil Aggarwal, MD, Sterling Tools said, “We are delighted that our investment and efforts over the last 3 years have begun paying dividends. We had the courage to invest in the EV segment at an early stage, and therefore, we are ideally positioned today to take advantage of the increasing customer interest in EVs.”
He is confident that by the end of the current fiscal year EV components will contribute more than 10 percent of Sterling’s revenues.
At present, SGEM says its product portfolio covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V. With the contracted business commencing from next month, SGEM aims to emerge as the largest domestic supplier of MCUs by the end-2021.
The company claims it is in advanced stages of discussions with more than 20 automobile (EV) OEMs for their MCU requirements for different vehicle segments, including two-, three-wheelers, passenger vehicles and commercial vehicles and expect to see an exponential growth in the demand for this product in the future.
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