Sterling Tools signs MoU with South Korea’s Yongin for EV Components Facility; Eyes INR 250 Crore Revenue by FY30

Sterling Tools Limited (BSE: 530759) (NSE: STERTOOLS), the second largest automotive fastener manufacturer and, through its subsidiary, the leading manufacturer of Motor Control Units (MCUs) in India, 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 INR 250 crore in business over the next 5 years, marks a crucial step in advancing the production of electric vehicle (EV) and electronic components within India. To accelerate the 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 the 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 EV & 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