New Delhi, Automotive fastener maker 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 signed a memorandum of understanding (MOU) with Yongin, a major supplier of components to Hyundai Kia Motor Group.
"This strategic agreement is expected to generate a turnover of Rs 250 crore over the next 5 years, which is an important step in advancing the production of electric vehicles (EV) and electronic components within India," the company said in the statement.
It added that this collaboration between Sterling and Yongin covers the entire portfolio of magnetic components required for various applications in the EV and electronic verticals.
“We are one step closer to our goal of strengthening our presence and offering as a green energy solutions provider in the automotive industry,” said Anish Agarwal, Director, Sterlin Tools.
KH Kim, CEO of Yongin Electronics Co, said the company recognizes the significant potential in the Indian EV market.
“We are ready to embark on a journey of mutual development and collaboration within the Indian EV industry and contribute positively to its advancement,” he said.
The subsidiary has signed a memorandum of understanding (MOU) with Yongin, a major supplier of components to Hyundai Kia Motor Group.
"This strategic agreement is expected to generate a turnover of Rs 250 crore over the next 5 years, which is an important step in advancing the production of electric vehicles (EV) and electronic components within India," the company said in the statement.
It added that this collaboration between Sterling and Yongin covers the entire portfolio of magnetic components required for various applications in the EV and electronic verticals.
“We are one step closer to our goal of strengthening our presence and offering as a green energy solutions provider in the automotive industry,” said Anish Agarwal, Director, Sterlin Tools.
KH Kim, CEO of Yongin Electronics Co, said the company recognizes the significant potential in the Indian EV market.
“We are ready to embark on a journey of mutual development and collaboration within the Indian EV industry and contribute positively to its advancement,” he said.
