New Delhi
Sterling Gtake E-mobility Ltd (SGEM) has secured an order amounting to Rs 600 million for motor control units (MCUs) from a leading 2W EV OEM. According to Anil Aggarwal, Managing Director, Sterling Tools Ltd, the company is happy that its investment in the past 3 years has started to offer good dividends now. The company had to courage to invest in the EV sector much before its competitors due to which it can now enjoy and take advantage of the increasing customer interest in EVs. He also said that by the end of this year he is expecting that the EV components will contribute around 10% of the company’s revenue.
The popularity of electric vehicles has increased as the automobile industry understands the importance of sustainability, green technology, and e-mobility ecosystems. SGEM is always looking for partners and driving technology transfer with the support of the applications and technology. Its product portfolio also covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V. As the company has started its business, it is aiming to emerge as the largest domestic supplier of MCUs by the end of 2021.
The company is also holding discussions with 20 other automobile OEMs for their MCU requirements for different vehicle segments. The vehicles include three-wheelers, two-wheelers, passenger vehicles, and commercial vehicles. With this, the company is expecting exponential growth in the demand for this product in the future.
SEGM is a reputed manufacturer of cold-forged hi-tensile fasteners and has presence in the country for over four decades.
Source – Press release of "Sterling"
Image Source: Press release of "Sterling"
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