Mumbai, May 14 -- The company, through its subsidiary Sterling Gtake (SGEM), would develop, manufacture and market Magnet Free traction motors for electric vehicles. The production activities would be undertaken at the company's plant in Faridabad.

By introducing a mature and commercially viable rare earth magnet-free technology, SGEM will offer its customers an alternative to the China dependent permanent magnet supply chain.

Through this technology licensing agreement, SGEM will serve all segments of the traction motors market that is expected to grow to approx. Rs 15,000cr by 2030. The business plan also calls for the joint development of integrated motor and controller solutions.

Anil Aggarwal, chairman, Sterling Tools, said, "Ster...