Automotive fastener manufacturer Sterling Tools on Thursday said its subsidiary has tied up with South Korea's Yongin Electronics to set up a manufacturing plant for EV components in India. The subsidiary has inked a memorandum of understanding with Yongin which is a major supplier of components to the Hyundai Kia Motor Group.
"This strategic agreement, expected to generate Rs 250 crore in business over the next 5 years, marks a crucial step in advancing the production of electric vehicle and electronic components within India," the company said in a statement.
This collaboration between Sterling and Yongin covers the entire portfolio of magnetic components required for various applications in the EV and electronics verticals, it added.
"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," Sterling Tools Director Anish Agarwal said.
Yongin Electronics Co CEO K H Kim said the company recognises 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," he added.
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