Sterling Tools, an automotive fastener manufacturer  through its subsidiary, Motor Control Units (MCUs) in India, has signed a memorandum of understanding (MoU) with South Korea’s Yongin Electronics, component supplier to the Hyundai Kia Motor Group.

The agreement is expected to generate Rs 250 crore in business over the next five years.

To accelerate the production capacity, Sterling Tools will set up a new greenfield manufacturing facility in the country.

This MoU demonstrates Sterling’s commitment to developing the EV as well as electronics ecosystem, thus contributing to 'Make In India'. It is also a step closer to the goal of strengthening its presence as a provider of green energy solutions in the automotive industry.

Recognising the significant potential within the Indian EV market, the partnership with Sterling signifies mutual growth and collaboration. Yongin is a manufacturer for electronic components like transformers, AC/DC reactor, coil & choke, EMI Filter board, DC Link EMI Filter, high current DC connector and metal ferrite cores and is an eminent participant in the development of Korea’s electronics industry.