Mumbai, April 18 -- Sterling Tools said on Thursday it 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 Rs. 250 crore in business over the next five years, marks a crucial step in advancing the production of electric vehicles (EVs) and electronic components within India. To accelerate 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 India's growing EV sector. This association strengthens Sterling's EV component portfolio by increasing local val...