Sterling Tech-Mobility ties up with Chinese firm to set EV component plant
Sterling Tech-Mobility Ltd on Monday said it will set up a manufacturing facility in collaboration with Chinese firm Kunshan GLVAC Yuantong New Energy Technology for advance high-voltage DC contactors and relays for electric and hybrid vehicles in Bengaluru at an investment of Rs 40 crore.
Sterling Tech-Mobility Ltd on Monday said it will set up a manufacturing facility in collaboration with Chinese firm Kunshan GLVAC Yuantong New Energy Technology for advance high-voltage DC contactors and relays for electric and hybrid vehicles in Bengaluru at an investment of Rs 40 crore.
The collaboration, which is aimed at the domestic production of these auto parts, is expected to generate Rs 250 crore in business by FY30 and Sterling Tools will bring the niche technology to manufacture and assemble HVDC contactors and relays locally at a new facility in Bengaluru, a release said.
Sterling Tech-Mobility Limited is a wholly-owned subsidiary of Sterling Tools Partners while GLVACYT is 100 per cent-owned by Kunshan GuoLi Electronic Technology Co Ltd.
The development will empower Indian OEMs, tier-I companies, and other suppliers to access advanced technology right at home, building a self-reliant ecosystem for the electric vehicles (EV) and hybrid electric vehicles (HEV) sectors, the company said.
"As the electric and hybrid vehicle markets continue to expand, it is important that we integrate the highest safety measures in the electric and hybrid vehicles through advance technological systems.
We will manufacture advanced HVDC contactors and relays at our new Bengaluru facility, making them more affordable and accessible for OEMs and tier-1 companies," said Anish Agarwal, Director at Sterling Tools Limited.
HVDC contactors and relays are crucial components in electric and hybrid vehicles, managing and controlling high-voltage electricity flow between the battery, motor controller or inverter, and other power electronic systems.
These components provide safe switching and isolation in EV power circuits, ensuring efficient operation while protecting against electrical faults. In the event of accidents or short circuits, these help to prevent hazards such as fires or explosions, according to the company.
"India is an important market for us, and through our association with Sterling Tools Limited, we are poised to strengthen the EV and HEV sectors in India. As a key player in EV components, we recognize India's immense potential in the electric vehicle market," said Li Qinghua, General Manager at GLVAC YT.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
Top 7 Mid Cap Mutual Funds With up to 41% SIP Returns in 5 Years: No 1 fund has converted Rs 15,000 monthly investment into Rs 23,84,990
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
06:42 PM IST