Sterling Tech-Mobility partners with Chinese firm to set EV component plant

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Sterling Tech-Mobility partners with Chinese firm to set EV component plant - Business Standard

Quick Summary:

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.