A Memorandum of Understanding (MoU) has been inked between Sterling Tools Limited and Yongin Electronics Co., Ltd. of South Korea, a significant component supplier to the Hyundai Kia Motor Group.
Over the following five years, it is anticipated that this strategic arrangement will bring in Rs 250 crore in revenue. Sterling Tools Limited plans to establish a new greenfield manufacturing site in the nation to increase production capacity.
This partnership between Sterling and Yongin encompasses the whole range of magnetic components needed for different applications in India’s expanding electric vehicle and electronics manufacturing sectors.
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.”
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 of Electronic Components like Transformers, AC/DC Reactor, Coil & Choke, EMI Filter boards, 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.
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