Sterling Tools signs MoU with South Korea’s Yongin Electronics for EV components facility

financialexpress.com:

Sterling Tools Limited, the automotive fastener manufacturer, through its subsidiary, Motor Control Units (MCUs) in India, has signed a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co Ltd, a supplier of components to theHyundai Kia Motor Group. 

This strategic agreement, the company said, is expected to generate Rs 250 crore in business over the next 5 years, and marks a crucial step in advancing the production of electric vehicle (EV) and electronic components within India. To accelerate the production capacity, Sterling Tools Limited will set up a new greenfield manufacturing facility in the country.

As a key supplier of components, Yongin Electronics Co Ltd offers its technological expertise to India’s growing EV sector. This association strengthens Sterling’s EV component portfolio by increasing local value addition and backward integration into passive components, in line with the ‘Atmanirbhar Bharat’ vision of the Government of India. 

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 our goal of strengthening our presence and offerings as a provider of green energy solutions in the automotive industry.” 

KH Kim, CEO from 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 is a manufacturer for electronic components like