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Indian Sterling Tools Signed MoU with Korean Yongin Electronics
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2024-04-22
Indian automotive fastener producer, Sterling Tools Limited, has recently signed an MoU for EV components facility with S. Korean key component supplier, Yongin Electronics Co., Ltd., through its subsidiary, Motor Control Units (MCUs) in India.
According to Sterling Tools, the agreement signed by both sides will play an important role in advancing the domestic manufacturing of EV and electronics components in India, and a new facility for EV components will be also set up soon. Yongin’s technological expertise will be also benefit the growing EV industry sector in India.
“This MoU demonstrates Sterling’s commitment to developing the EV and Electronics ecosystem and contributing to “Make In India”. We are one step closer to our goal of strengthening our presence and offerings as a provider of green energy solutions in the automotive industry,” said Anish Agarwal, Director from Sterling Tools Limited.
“We recognize the significant potential within the Indian EV market. It brings us great pleasure to announce our partnership with Sterling through the signing of an MOU. We are prepared to embark on a journey of mutual growth and collaboration within the Indian EV industry, contributing positively to its advancement,” CEO KH Kim of Yongin Electronics.
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