Auto component manufacturer Sterling Tools Ltd (STL) and Jiangsu Gtake Electric have formed a joint venture to design, manufacture and supply motor control units in India, especially for electric vehicles.
Gtake is a technology leader in motor control units for electric and hybrid vehicles and has a dominant market share in China. Its customers include Kinglong, Yutong, Dongfeng and Zhongtong.
The joint venture company will be a subsidiary of Sterling Tools Ltd and start production by the first quarter of the next financial year 2020-21.
The agreement calls for the companies to manufacture motor control units domestically to cater to the Indian automotive market as well as to develop local design engineering, application support and after-sales service capabilities.
"Gtake is one of the leading players in electric vehicle space in China and the joint venture is an important first step in STL's journey to becoming a major electric vehicle component company," said STL Managing Director Anil Aggarwal.
Gtake's Chief Executive Officer Yichen Fang said: "India is a large and growing market which we believe is of strategic importance. We are glad to partner with one of the reputed Indian auto component companies and look forward to a successful partnership."
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.