Sterling Gtake E-mobility Ltd (SGEM), a manufacturer of motor control units for electric vehicles, on Wednesday said it has bagged an order worth Rs 60 crore from a leading electric two-wheeler maker.
The company said it is also in advanced stages of discussions with over 20 electric vehicle (EV) manufacturers for supply of motor control units (MCUs) for different vehicle types, including two-wheelers, three-wheelers, passenger vehicles and commercial vehicles.
The order worth Rs 60 crore is for high-speed electric two-wheeler application, the company said in a statement without disclosing the identity of the electric two-wheeler maker.
SGEM is a part of the Sterling Tools Group, a manufacturer of cold forged high-tensile fasteners with presence of over four decades in Indian Auto sector.
Commenting on the order, Sterling Tools Ltd Managing Director Anil Aggarwal said in a statement that the group had invested and put efforts over the last three years and those 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," he said adding by the end of the current fiscal year, EV components are expected to contribute more than 10 per cent 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 from next month, SGEM aims to emerge as the largest domestic supplier of MCUs by the end of 2021," the statement said.