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Business EconomyPosted at: Apr 18 2024 1:05PM


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

Mumbai, Apr 18 (UNI) Sterling Tools said on Thursday it has signed a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics, 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 five years, marks a crucial step in advancing the production of electric vehicles (EVs) and electronic components within India. To accelerate production capacity, Sterling Tools Limited will set up a new greenfield manufacturing facility in the country.

As a key supplier of components, Yongin Electronics 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 'Atma Nirbhar Bharat' vision of the Government of India.

The MoU enhances Sterling’s capability to provide solutions for the EV and hybrid space, as well as other automotive applications, incorporating the latest technology from Yongin. 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.

Commenting on this new association, 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.”

K. H. Kim, CEO of 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 the leading manufacturer of electronic components like transformers, AC/DC reactors, coils and chokes, EMI filter boards, DC link EMI filters, high-current DC connectors, and metal ferrite cores. It has participated in the development of Korea’s electronics industry over the past 47 years.

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