Sterling Tools share price rose 7 percent intraday on December 24 after the company entered into a joint venture agreement with China-based company.
The company has entered into a joint venture (JV) agreement with Jiangsu Gtake Electric Company Limited.
The two companies have agreed to join hands to provide the Indian Electric Vehicle OEM’s with best in class MCUs. The agreement calls for the companies to manufacture MCU’s domestically to cater to the Indian automotive market by developing local design engineering, application support and after-sales service capabilities as per the requirements of the Indian industry.
The JV company will be a subsidiary of Sterling Tools and will commence production by 1QFY21.
“GTAKE is one of the leading players in the EV space in China and the joint venture with GTAKE is an important first step in company’s journey to becoming a major EV component company,” said Anil Aggarwal, Managing Director, Sterling Tools.
At 09:45 hrs, Sterling Tools was quoting at Rs 185.20, up Rs 6.00, or 3.35 percent on the BSE.
News Source:- MoneyControl