Sterling Gtake E-mobility Ltd (SGEM), NCR-based motor control units (MCUs) manufacturer for Electric Vehicles announced that it has secured an order worth INR 600 million (6o Crores) for MCUs from a leading 2W EV OEM.
Anil Aggarwal, Managing Director, Sterling Tools Ltd., 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.
SGEM’s product portfolio covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V. With the contracted business commencing 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 expect to see exponential growth in the demand for this product in the future.