Sterlite Power Transmission Limited is known to be a leading integrated power transmission developer and solutions provider globally. Its Global Product and Services (GPS) business spans from the production of conductors, cables and OPGW to specialized EPC services. Their ‘Overhead Business’ achieved a CAGR of nearly 30 percent, while the ‘Cables Business’ experienced a bold CAGR of 60 percent in the past four years, with the specialized EPC services quadrupling in the last few years. This was revealed by Mr. Reshu Madan, Chief Executive Officer, Global Products & Services (GPS) Business, Sterlite Power Transmission Limited, during his interaction with Wire & Cable India.
Wire & Cable India: What according to you are the challenges in the existing transmission grid of India?
Reshu Madan: India’s transmission and distribution (T&D) sector is at a pivotal juncture, with decarbonization efforts and government initiatives propelling it into an era of transformation. Despite the excitement, the sector faces significant hurdles, including complex integration, transition management, and security challenges. Key issues include right-of-way (ROW) constraints for transmission lines, outdated infrastructure, surging energy demands, and the challenge of connecting remote locations to the grid. These factors strain the existing infrastructure, requiring upgrades.
While progress has been made in the 220 kV & 132 kV category, enhancing the distribution network remains critical. Reconductoring existing lines is a strategic move that can conserve both time and capital. Utilities need to incorporate the use of high-performance conductors in the planning stage, as they significantly increase transmission capacity and are required to meet demand.
Moreover, the T&D sector can greatly benefit from targeted incentives, which will encourage substantial capital expenditure from private entities. Such incentives can catalyze investment and innovation, addressing the sector’s challenges, including the need for modernization to support the increasing adoption of renewable energy and the development of a more resilient grid.
“We are known for our technological edge, featuring drone use in challenging terrains and live line reconductoring, which enables faster project completion and sets us apart in the industry.”
WCI: What are your recent developments & contributions in the T&D sector?
RM: Global Product and Services (GPS) spans from the production of conductors, cables and OPGW to specialized EPC services, which all together have been continually making an impact, not only in India but across the globe as well.
The Overhead Business boasts a state-of-the-art production facility for overhead conductors and OPGW, achieving a double-digit CAGR of nearly 30 percent recently. With a full order book, we’re expanding to meet the surging global energy demand, reflecting our commitment to the global energy transition.
The Cables Business has also seen robust growth, with a bold CAGR of 60 percent in the past four years. In FY 2024, we secured market lead in the HV-EHV segment. We supply cables to nationally significant projects like the development of the metro, data centres, state utilities, etc. We also provide end-to-end solutions as a part of our turnkey EPC of cables.
Our specialized EPC services have quadrupled in the last few years. We are known for our technological edge, featuring drone use in challenging terrains and live line reconductoring, which enables faster project completion and sets us apart in the industry. Through continuous advancements in products, SPTL will continue to contribute to the development of the T&D sector in India and across the globe.
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WCI: What are your short-term & long-term future plans?
RM: The energy sector is experiencing exceptional growth, supported by government policies and initiatives. Over the next 5-10 years, the market is expected to flourish, with a projected CAGR of 8-10 percent in India and 6-8 percent CAGR globally for both overhead and cables, while specialized EPC services in India could see a staggering 30-40 percent growth. Our vision is to be among the world’s top 10 wire & cable companies. We are actively exploring opportunities to expand our international footprint, engage in inorganic expansion and delve into high-value products.
“The upcoming years will see a heightened demand for HVDC cables in India, driven by offshore wind projects, interconnectors, and green hydrogen initiatives.”
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WCI: What further can we expect from the Government on this front?
RM: The manufacturing sector is a cornerstone of India’s economy, accounting for approximately 17 percent of its GDP. As India aims for 500 GW of renewable energy by 2030, Sterlite Power will play a crucial role in this eco-friendly shift through their cutting-edge products through solar cables and development in transmitting renewable power.
The Make in India initiative has significantly impacted economic expansion, attracted foreign investments, and generated employment. The Production-Linked Incentive (PLI) scheme, especially the 50,000 MW earmarked for solar energy, reflects the nation’s dedication to having imports substitution and nurturing local manufacturing.
The upcoming years will see a heightened demand for HVDC cables in India, driven by offshore wind projects, interconnectors, and green hydrogen initiatives. Despite this, the country faces a shortfall in production capacity, potentially leading to hefty import dependency.
To counter this, the government is considering funding programs, including a PLI scheme for HV cables, to cut down on imports and stimulate job growth. These measures, coupled with possible incentives such as stamp duty waivers and fiscal benefits, are expected to yield benefits between FY 2028 and FY 2032, coinciding with the schedule of various energy-related projects.
Moreover, it’s essential for transmission projects to factor in the total life cycle costs, including transmission losses, to promote the use of top-tier products that deliver value. This approach would increase the demand for sophisticated products and bolster high-value manufacturing within India.
