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Sterling Tools partners with GLVAC to boost EV component manufacturing in India
Industry News- Nov 07,24
With an expected business impact of Rs 2.5 milllion by FY30, the venture involves an investment of around Rs 400 milllion to establish a new production facility in Bengaluru.
Sterling Tools Limited, through its subsidiary Sterling Tech-Mobility Limited, has joined forces with China-based Kunshan GLVAC Yuantong New Energy Technology Co., Ltd. (GLVAC YT) to enhance the manufacturing of High Voltage Direct Current (HVDC) contactors and relays in India. This collaboration aims to capitalise on the expanding electric and hybrid vehicle markets in the country, supporting India’s Make in India initiative by strengthening the local EV supply chain and reducing reliance on imports.
The partnership combines Sterling Tools' manufacturing capabilities with GLVAC YT's technological expertise to meet the rising demand for EV components. With an expected business impact of Rs 2.5 milllion by FY30, the venture involves an investment of around Rs 400 milllion to establish a new production facility in Bengaluru.
Sterling Tools' CEO highlighted the critical role of HVDC contactors and relays in managing high-voltage electricity in electric and hybrid vehicles, ensuring operational efficiency and safety. These components control the flow of electricity between the battery, motor controller or inverter, and other power systems, guarding against electrical faults and hazards. By producing advanced HVDC contactors and relays domestically, Sterling Tools aims to make these vital components more affordable and accessible for Original Equipment Manufacturers (OEMs) and Tier-1 suppliers in India, further advancing EV safety standards in alignment with the government’s Make in India goals.
(ET)
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