Sterling Tools Limited Signs MoU with South Korea's Yongin Electronics Co., Ltd for EV Components Facility, Projected Rs. 250 Crore Revenue by FY30

Sterling Tools Limited, the second largest automotive fastener manufacturer in India and leading manufacturer of Motor Control Units (MCUs), has signed a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co., Ltd, a major supplier of components to the Hyundai Kia Motor Group. This strategic agreement is expected to generate Rs. 250 crore in business over the next 5 years and accelerate the production capacity of electric vehicle (EV) and electronic components within India. Sterling Tools Limited will set up a new greenfield manufacturing facility to integrate Yongin's technological expertise into the Indian EV sector, aligning with the 'Atma Nirbhar Bharat' vision of the Government of India. The collaboration covers the entire portfolio of magnetic components required for various applications in India’s EV and electronics manufacturing growth.