New Delhi, July 20 2021 || News Desk
Synopsis: Mr. Anil Aggarwal, Managing Director, Sterling Tools Ltd., said, “We are delighted that our investment and efforts over the last 3 years have begun paying dividends. We had the courage to invest in the EV segment at an early stage, and therefore, we are ideally positioned today to take advantage of the increasing customer interest in EVs.”
Sterling Gtake E-mobility Ltd (SGEM), NCR-based motor control units (MCUs) manufacturer for Electric Vehicles announced that it has secured an order worth INR 600 million for MCUs from a leading 2W EV OEM.
Mr. Anil Aggarwal, Managing Director, Sterling Tools Ltd., said, “We are delighted that our investment and efforts over the last 3 years have begun paying dividends. We had the courage to invest in the EV segment at an early stage, and therefore, we are ideally positioned today to take advantage of the increasing customer interest in EVs.”
Mr. Aggarwal further added that by the end of the current fiscal year, he expects EV components to contribute more than 10% of Sterling’s revenues.
Rising EV adoption has created an immediate requirement to embrace the next-generation needs of the auto industry, with green technologies and e-mobility ecosystems promising to infuse sustainability and performance in the vehicles of tomorrow. SGEM has been consistently focussing on identifying partners and driving technology transfer and localization to provide customers with application support and technology adapted to Indian requirements.
SGEM’s product portfolio covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V. With the contracted business commencing from next month, SGEM aims to emerge as the largest domestic supplier of MCUs by the end of 2021.
The company is in advanced stages of discussions with more than 20 automobile (EV) OEMs for their MCU requirements for different vehicle segments, including two-wheelers, three-wheelers, passenger vehicles and commercial vehicles and expect to see an exponential growth in the demand for this product in the future.
About Sterling Gtake E-mobility Ltd.
SGEM is a part of the Sterling Tools Group, a reputed manufacturer of cold forged hi-tensile fasteners with presence of over four decades in Indian Auto sector. With Electrification becoming the new frontier for the Auto industry, STL engaged with Jiangsu Gtake Electric Co. Ltd, a leading EV/HEV motor controller manufacturer to support Indian EV OEMs with leading-edge-technology products.
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