Sterling Tools’ strategy to diversify into EV parts pays off, looks to supply to e-CV OEMs
September 09, 2023
In FY2023, Sterling GTake E-Mobility clocked Rs 175 crore in revenue by supplying EV components from its 300,000-unit capacity plant in Faridabad.
Diversifying into manufacture of motor control units for electric two- and three-wheeler OEMs in India has paid dividends to the Tier 1 fastener supplier. While it is ramping up capacity to 600,000 units by end-FY2024, it also aims to supply e-powertrain components to electric LCV manufacturers.
Sterling Tools, the Delhi-NCR-based leading Tier-1 supplier, which clocked Rs 600 crore revenue in FY2923 in its legacy business of automotive fasteners, is eyeing speedy revenue generation growth from the EV industry in India. In mid-CY2021, the company began manufacture of 48V motor controller units (MCUs) for electric two- and three-wheelers in mid-CY2021, a diversification move which has paid dividends.
