December 2, 2024: Sterling Tools Limited (BSE: 530759, NSE: STERTOOLS), a prominent player in the automotive fastener sector, has entered the energy market through its subsidiary, Sterling Tech-Mobility Limited. Collaborating with China’s Zhejiang Meishuo Electric Technology Co., Ltd., the company aims to localize the manufacturing of latching relays essential for smart meters, industrial grids, and consumer appliances.
With an initial investment of ₹20 crore in a new Bengaluru facility, the partnership is projected to generate ₹200 crore in revenue by FY30. This venture aligns with India’s Make in India and Atmanirbhar Bharat initiatives, reducing dependence on imports and fostering a self-reliant industrial ecosystem.
Key Highlights:
- Local Manufacturing: The partnership will bring advanced technology for latching relays to India.
- Energy Efficiency Focus: Latching relays use minimal energy, aiding power conservation and cost reduction.
- Market Expansion: Targets India’s energy grid and consumer appliance sectors.
- Economic Boost: Strengthens supply chains, aligns with sustainability goals, and drives import substitution.
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Leaders Speak:
Anish Agarwal, Director of Sterling Tools, highlighted, “This initiative enables innovation and efficiency, supporting India’s growing energy sector.”
Xiaohu Huang, Chairman of Meishuo Electric, added, “Our expertise, paired with India’s dynamic market, will drive sustainable growth and self-reliance.”
This collaboration underscores Sterling Tools’ commitment to diversifying its portfolio while contributing to India’s industrial and energy landscape.
