Sterling Tools zooms 20% on inking JV with Chinese co for Indian EV sector

The company has entered into a JV agreement with Jiangsu Gtake Electric Company to provide the Indian electric vehicle OEM'S with best in class motor control units (MCUs).

Shares of Sterling Tools were locked in the upper circuit band of 20 per cent at Rs 215 on the BSE on Tuesday after the company said it has entered into a Joint Venture (JV) agreement with Jiangsu Gtake Electric Company, a China based company.

The JV Company, which will commence production by Q1FY21, will be a subsidiary of Sterling Tools with an equity ratio of 51:44. The company said the two companies have agreed to join hands to provide the Indian electric original equipment manufacturers (OEM's) with best in class motor control units (MCUs). READ HERE

"The agreement