Newsletter
Sterling Tools, through its EV arm Sterling Gtake E-Mobility (SGEM), is partnering with China’s Landworld Technology to make on-board chargers and DC/DC converters in India. The stock closed nearly 5% higher on the update.
An on-board charger lets an electric car charge its battery from a plug, and a DC/DC converter makes sure the battery’s power is safely used to run the car’s parts.
The deets: SGEM has signed a tech license and supply agreement with Landworld to locally manufacture on-board chargers, DC/DC converters, and multi-function units that also include power distribution systems.
Production will happen at its EV campus in Faridabad, and the partnership is expected to generate about ₹450 crore in business by FY30. The market itself is projected to hit ₹3,000 crore.
The why: until now, most Indian EV makers have depended on imported chargers and converters, which are costly and vulnerable to supply disruptions. By manufacturing these parts locally, Sterling not only reduces import reliance but also captures a high-growth niche in the EV value chain.
For Sterling, this adds a new revenue stream beyond motor controllers and powertrains, making it a more complete EV sub-systems supplier.
Zoom out: in FY24, India sold over 1.5 million EVs, up nearly 50% year-on-year, with two-wheelers making up more than 60% of the pie. According to NITI Aayog, EVs could account for 30% of all vehicle sales by 2030, translating into a market worth ₹3–3.5 lakh crore.
The government is backing this with heavy incentives, as the FAME-II scheme alone earmarked ₹10,000 crore. The new EV policy for 2025 is targeting large-scale manufacturing of batteries and components.
