New Launch14 May 2025, 02:01 am
Sterling Tools Ltd. Signs Technology Licence Agreement with Advanced Electric Machines Ltd, UK for Magnet Free Traction Motors
AI Summary
Sterling Tools Limited, a leading automotive component manufacturer in India, has signed a Technology Licensing Agreement with Advanced Electric Machines Limited (AEM), UK. The agreement allows Sterling Tools, through its subsidiary Sterling Gtake E-Mobility Ltd (SGEM), to develop, manufacture, and market Magnet Free traction motors for electric vehicles at its plant in Faridabad. The licensed products will be manufactured and sold by SGEM. This move aims to drive import substitution, reduce reliance on permanent magnets, and build a self-reliant ecosystem for the auto industry, aligning with the Atmanirbhar Bharat vision and supporting the Make in India initiative.
Key Highlights
- Sterling Tools Ltd. has signed a Technology Licensing Agreement with Advanced Electric Machines Limited (AEM), UK.
- The agreement allows Sterling Tools to develop, manufacture, and market Magnet Free traction motors for electric vehicles.
- The licensed products will be manufactured and sold by Sterling Gtake E-Mobility Ltd (SGEM), a wholly owned subsidiary of Sterling Tools Ltd.
- This move aims to drive import substitution and reduce reliance on permanent magnets, aligning with the Atmanirbhar Bharat vision and supporting the Make in India initiative.
- The development will empower Indian Companies and other suppliers to access advanced technology locally.