Sterling Tools Limited — Updates, 14-05-2025: Press Release

Sterling Tools has announced a board meeting on advancing Rare Earth Magnet-Free traction motors for EVs via its subsidiary SGEM. It sealed a Technology Licensing Agreement with UK’s Advanced Electric Machines to produce these motors in India, reducing reliance on China’s permanent magnets. This strategic move targets the fast-growing traction motors market (~Rs 15,000 Cr by 2030) and includes plans for integrated motor-controller solutions and expanded local manufacturing to boost India’s EV supply chain.