Sterling Tools Limited, the second largest automotive fastener manufacturer in India, has signed a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co., Ltd, a major supplier of components to the Hyundai Kia Motor Group.
This strategic agreement, is expected to generate Rs 250 crore in business over the next 5 years. To accelerate the production capacity, Sterling Tools Limited will set up a new greenfield manufacturing facility in the country.
This collaboration between Sterling and Yongin covers the entire portfolio of magnetic components required for various applications in India’s EV and electronics manufacturing growth.
Anish Agarwal, Director, 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 our goal of strengthening our presence and offerings as a provider of green energy solutions in the automotive industry.”
K. H. Kim, CEO, Yongin Electronics Co., Ltd said, "We recognise the significant potential within the Indian EV market. We are prepared to embark on a journey of mutual growth and collaboration within the Indian EV industry, contributing positively to its advancement.”
Yongin is the leading manufacturer for Electronic Components like Transformers, AC/DC Reactor, Coil & Choke, EMI Filter board, DC Link EMI Filter, High Current DC Connector and Metal Ferrite Cores and has participated in the development of Korea’s electronics industry for the past 47 years, noted the exchange filing.