New Delhi, April 18 -- Sterling Tools Limited, an Indian automotive fastener maker, has signed a Memorandum of Understanding (MoU) with Yongin Electronics Co Ltd, a South Korean supplier to Hyundai Kia Motor Group.

The strategic tie-up between Sterling's subsidiary Motor Control Units and Yongin is expected to generate Rs 250 crore business over the next five years.

The agreement marks a crucial step for advancing electric vehicle (EV) and electronic component production in India.

As part of the deal, Sterling Tools will establish a new greenfield manufacturing facility in the country to ramp up production capacity.

The partnership will allow Sterling to leverage Yongin's technological expertise to strengthen its EV component portfo...