Sterling Tools, a prominent figure in India’s automotive industry, has accomplished a notable 90% growth in its electric vehicle (EV) business during the fiscal year 2024. According to reports, the company has generated revenues exceeding INR 600 crore in its fastener business and INR 325 crore in the electric vehicle control units sector.
During an exclusive interview, Atul Aggarwal, the Managing Director of Sterling Tools, expressed contentment with the company’s achievements in the motor control unit business, which has propelled the company to a leadership position in the electric vehicle supply chain industry. Additionally, Sterling Tools has established a subsidiary, Sterling GTake E-Mobility, with the aim of providing state-of-the-art EV technology to Indian customers.
Sterling Tools has further strengthened its position in the EV supply chain by forming a strategic alliance with Yongin Electronics, a well-respected Korean supplier of magnetic components to major automakers such as Honda and Kia. This collaboration is anticipated to introduce a new line of products to India, thus enhancing the company’s capabilities and market reach.
The company has made significant strides in localizing its production, establishing an engineering and software development setup in Bangalore. Through investments in its tech center and engagement in software development, Sterling Tools has demonstrated a dedication to innovation and customer-centric solutions.
Financially, the BSE and NSE listed company has witnessed a 30% increase in revenue, approaching INR 1,000 crore, with a substantial 90% growth in its electric vehicle business. Sterling Tools has also disclosed its plans to invest INR 55-60 crore in the fiscal year 2025.
Looking to the future, Sterling Tools is advocating for government support to strengthen the EV ecosystem, with the goal of accelerating the adoption rate and achieving sustainable growth. The company posits that initiatives such as facilitating large-scale battery production and promoting consumer adoption will be essential in driving the widespread adoption of electric vehicles in India.
With a vision to expand its portfolio in the electric vehicle ecosystem, Sterling Tools remains committed to innovation and anticipates continued support from the government to further enhance the EV industry.
In conclusion, Sterling Tools’ remarkable growth in the EV business reflects its dedication to embracing technological advancements and meeting the evolving needs of the automotive industry. As the company continues to forge ahead in the electric vehicle sector, it is poised to play a pivotal role in shaping the future of mobility in India.