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20 July, 2024 17:22 IST
Sterling Gtake secures Rs 600 mn order for high speed electric 2W application
Source: IRIS | 22 Jul, 2021, 05.14PM
Rating: NAN / 5 stars.
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 Sterling Gtake E-mobility (SGEM) has bagged an order worth Rs 600 million for motor control units (MCUs) from a leading electric two-wheeler OEM, the NCR-based has said.

Anil Aggarwal, managing director, Sterling Tools, said, "We are delighted that our investment and efforts over the last 3 years have begun paying dividends. We had the courage to invest in the EV segment at an early stage, and therefore, we are ideally positioned today to take advantage of the increasing customer interest in EVs."

Aggarwal further added that by the end of the current fiscal year, he expects EV components to contribute more than 10% of Sterling's revenues.

Rising EV adoption has created an immediate requirement to embrace the next-generation needs of the auto industry, with green technologies and e-mobility ecosystems promising to infuse sustainability and performance in the vehicles of tomorrow.

SGEM has been focusing on identifying partners and driving technology transfer and localization to provide customers with application support and technology adapted to Indian requirements.

Its product portfolio covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V. With the contracted business commencing from next month, SGEM aims to emerge as the largest domestic supplier of MCUs by the end of 2021.

The company is in the advanced stages of discussions with more than 20 automobiles (EV) OEMs for their MCU requirements for different vehicle segments, including two-wheelers, three-wheelers, passenger vehicles and commercial vehicles and expects exponential growth in the demand for this product in the future.

 Shares of the company gained Rs 4.65, or 2.31%, to settle  at  Rs 205.80.  The total volume of shares traded  was  53,180 at  the BSE (Thursday).




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