Sterling Tools through its subsidiary, Sterling Gtake E-Mobility (SGEM) announced its foray into EV On-board Chargers and DC/DC converters for electric vehicles.
SGEM has signed Technology License and Supply agreements with Landworld Technology Co., China to locally manufacture On-board Chargers, DC/DC convertors and Multi-Function Units (incorporating On-Board Chargers, DC/DC converters as well as Power Distribution Units (PDUs)).These products are crucial for the electrification of Passenger and Commercial Vehicles. The company will manufacture these units at its EV campus in Faridabad.
The partnership is expected to generate around Rs 450 crores in business by FY'30 in a market segment that is projected to reach Rs 3,000 crore.