Sterling Tools Limited 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 Co. Ltd. This strategic agreement, expected to generate INR 2,500 million 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 Co. Limited 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.