Bengaluru, November 6, 2024: Sterling Tools Limited has partnered with China’s GLVAC Yuantong New Energy Technology Co., Ltd. (GLVAC YT) to produce advanced High Voltage Direct Current (HVDC) contactors and relays in India. These components are essential for controlling high-voltage electricity in electric and hybrid vehicles, and this venture aims to generate Rs. 250 crore in revenue by FY30.
With an investment of Rs. 40 crore, Sterling Tools will set up a new manufacturing facility in Bengaluru, marking a significant step towards localization of EV components. This move supports India’s Atmanirbhar Bharat initiative and the Make in India mission, strengthening the local supply chain for EVs and hybrid vehicles.
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Key Highlights of the Partnership:
- Domestic Production: The Bengaluru facility will manufacture and assemble HVDC contactors and relays, reducing reliance on imports.
- Enhanced Safety: HVDC contactors manage and control high-voltage currents, ensuring safety by preventing electrical faults in EVs.
- Market Opportunity: As the EV market in India expands, Sterling Tools and GLVAC aim to provide advanced, affordable technology to Indian OEMs and Tier-I companies.
Anish Agarwal, Director of Sterling Tools Limited, emphasized the importance of safety in EV components, stating that this partnership will make critical EV technology more accessible and affordable. Li Qinghua, General Manager of GLVAC YT, echoed these sentiments, highlighting India’s growing EV market and the potential to make impactful advancements in electric mobility.
This venture marks an important milestone in India’s journey toward green mobility and a self-reliant EV ecosystem, paving the way for a sustainable future in the automotive industry.
