Latest news with #AnilAggarwal
Time of India
14-05-2025
- Automotive
- Time of India
Sterling Tools partners with UK-based Advanced Electric Machines to produce magnet-free traction motors for EVs
Sterling Tools , through its subsidiary Sterling Gtake E-Mobility Ltd (SGEM), on Wednesday announced its entry into the manufacturing and marketing of rare earth magnet-free traction motors for electric vehicles . The Haryana-based company has signed a technology licensing agreement with UK-based Advanced Electric Machines (AEM) Ltd to produce these motors at its Faridabad plant, aiming to reduce reliance on China and bolster India's EV industrial supply chain. SGEM will serve all segments of the traction motors market, which is expected to grow to approximately ₹15,000 crore by 2030. The company plans to expand local manufacturing of EV solutions, strengthening India's industrial supply chain. Anil Aggarwal , Chairman of Sterling Tools, stated, "The diversification into rare earth magnet-free motors is in line with Sterling's ambition to develop Powertrain expertise to serve the Indian auto industry." The partnership aims to create high-quality powertrain solutions that cater to India's growing need to reduce its tailpipe emissions, while also supporting the country's self-reliance and sustainability goals. James Widmer, Co-founder and Chief Executive Officer of Advanced Electric Machines, said, "India's automotive and zero-emission manufacturing market offers immense potential for growth and innovation. Through our partnership with Sterling Tools, we are bringing our proven expertise in magnet-free motors to Indian customers across a wide range of vehicle categories."
Business Standard
14-05-2025
- Automotive
- Business Standard
Sterling Tools soars after inking technology pact with UK's Advanced Electric Machines
Sterling Tools jumped 6.30% to Rs 315.55 after the company announced the signing of a technology licensing agreement with UK-based Advanced Electric Machines (AEM) to manufacture magnet free motors in India. The company, through its subsidiary Sterling Gtake (SGEM), would develop, manufacture and market Magnet Free traction motors for electric vehicles. The production activities would be undertaken at the companys plant in Faridabad. By introducing a mature and commercially viable rare earth magnet-free technology, SGEM will offer its customers an alternative to the China dependent permanent magnet supply chain. Through this technology licensing agreement, SGEM will serve all segments of the traction motors market that is expected to grow to approx. Rs 15,000cr by 2030. The business plan also calls for the joint development of integrated motor and controller solutions. Anil Aggarwal, chairman, Sterling Tools, said, Sterlings foray into rare earth magnet-free motors demonstrates the Groups commitment to being a technology leader and an industry pioneer. We are expanding beyond MCUs to being a complete solution provider and meeting the EV Industrys growing demand for advanced technology. EV sub-systems are being increasingly consolidated into multifunction units and Sterling will also offer our customers integrated motor and controller solutions. The diversification into Rare Earth Magnet-Free motors is in line with Sterlings ambition to develop Powertrain expertise to serve the Indian Auto Industry. Sterling Tools has also announced its earnings for the quarter and the year ended on 31 March 2025. The company has reported 45.8% drop in consolidated net profit to Rs 8.8 crore as total income fell by 23.9% to Rs 205.7 crore in Q4 FY25 as compared with Q4 FY24. EBITDA declined by 23.1% year-over-year (YoY) to Rs 24.5 crore during the period under review. EBITDA margin, however, expanded by 10 basis points to 11.9% in Q4 FY25. Profit before tax in Q4 FY25 stood at Rs 11.9 crore, down by 44.2% from Rs 21.3 crore in Q4 FY24. Sterling Tools manufacture high tensile and premier cold forged hi-tensile fasteners catering to the passenger cars, two wheelers, commercial vehicles, agri-equipment and construction equipment segments. The companys client portfolio comprises leading OEMs in the domestic market and international markets.
Time of India
14-05-2025
- Automotive
- Time of India
Sterling Tools to manufacture, market rare earth magnet-free traction motors for electric vehicles
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Automotive component maker Sterling Tools through its subsidiary, Sterling Gtake E-Mobility Ltd (SGEM), on Wednesday announced its entry into the manufacturing and marketing of rare earth magnet-free traction motors for electric vehicles. The company has signed a technology licensing agreement with UK-headquartered Advanced Electric Machines (AEM) Ltd to manufacture these motors at its Faridabad plant in Haryana, it move will help reduce customers' dependency on China with a permanent supply chain alternative, Sterling Tools said."The diversification into rare earth magnet-free motors is in line with Sterling's ambition to develop Powertrain expertise to serve the Indian auto industry," said Anil Aggarwal, Chairman, Sterling Tools Tools plans to further expand the local manufacturing of EV solutions, strengthening India's industrial supply chain, he this technology licensing agreement, SGEM will serve all segments of the traction motors market that is expected to grow to approximately Rs 15,000 crore by 2030, it development will enable domestic companies and other suppliers to access advanced technology locally, building a self-reliant ecosystem for the auto industry, the company said."We are expanding beyond motor control units to being a complete solution provider and meeting the EV industry's growing demand for advanced technology. EV sub-systems are being increasingly consolidated into multifunction units and Sterling will also offer our customers integrated motor and controller solutions ," said Aggarwal."India's automotive and zero-emission manufacturing market offers immense potential for growth and innovation. Through our partnership with Sterling Tools, we are bringing our proven expertise in magnet-free motors to Indian customers across a wide range of vehicle categories," said James Widmer, Co-founder and Chief Executive Officer of Advanced Electric two partners together can create high-quality powertrain solutions that cater to India's growing need to reduce its tailpipe emissions, while also supporting the country's self-reliance and sustainability goals, he added.
Time of India
14-05-2025
- Automotive
- Time of India
Sterling Tools partners with UK-based Advanced Electric Machines to produce magnet-free traction motors for EVs
Sterling Tools , through its subsidiary Sterling Gtake E-Mobility Ltd (SGEM), on Wednesday announced its entry into the manufacturing and marketing of rare earth magnet-free traction motors for electric vehicles . The Haryana-based company has signed a technology licensing agreement with UK-based Advanced Electric Machines (AEM) Ltd to produce these motors at its Faridabad plant, aiming to reduce reliance on China and bolster India's EV industrial supply chain. SGEM will serve all segments of the traction motors market, which is expected to grow to approximately ₹15,000 crore by 2030. The company plans to expand local manufacturing of EV solutions, strengthening India's industrial supply chain. Anil Aggarwal , Chairman of Sterling Tools, stated, "The diversification into rare earth magnet-free motors is in line with Sterling's ambition to develop Powertrain expertise to serve the Indian auto industry." The partnership aims to create high-quality powertrain solutions that cater to India's growing need to reduce its tailpipe emissions, while also supporting the country's self-reliance and sustainability goals. James Widmer, Co-founder and Chief Executive Officer of Advanced Electric Machines, said, "India's automotive and zero-emission manufacturing market offers immense potential for growth and innovation. Through our partnership with Sterling Tools, we are bringing our proven expertise in magnet-free motors to Indian customers across a wide range of vehicle categories."
Time of India
12-05-2025
- Automotive
- Time of India
Shriram Gen Insurance Q4 net profit up 8%, at 130cr
Jaipur: Shriram General Insurance on Monday reported an 8% rise in profit to Rs 130 crore during the March quarter against Rs 121 crore in the same period last year, driven by strong growth in motor premium which grew by 27%.The gross direct premium income of the company improved to Rs 1,099 crore against Rs 876 crore in the same quarter a year ago, registering a growth of 25% against a 2% growth in the the financial year ended March 2025, the general insurance arm of Shriram group posted a 13% increase in net profit to Rs 515 crore from Rs 455 crore in the previous General Insurance Company MD and CEO Anil Aggarwal said, "Besides diversifying our portfolio, and expanding our digital capabilities, we are also focusing on onboarding fresh financial advisors. Their strength will increase to 2 lakh by 2030."Currently, the insurer has over 89,000 financial advisors. In 2024-25, the company added 22,000 advisors of points of sale. In 2023-24, it had onboarded14,700. tnn
