10, Oct 2023
Sterlite Power secures new orders worth INR 1,300 Crores in Q1 FY ’24
Mumbai, 10 October 2023— Sterlite Power, a leading global products and solutions provider has bagged orders worth ~INR 1,300 crores across its Global Products & Services business that caters to high performance, green products and specialized Engineering, Procurement and Construction (EPC) services. The new set of orders, won across the domestic and international market in Q1 FY24, builds on the total orderbook of over INR 5,200 crores, that the business has garnered in the last financial year.
With an increasing focus on integrating renewable energy into the grid, the power sector in India is witnessing a surge in demand for high performance products and specialized EPC services. The Global Products business is leveraging the buoyancy in the sector by securing significant orders in both domestic and international markets. In Q1, it has secured a substantial order to deliver high-performance conductors for Power Grid Corporation of India Ltd (PGCIL)’s Part E Green Energy Corridor Project in Rajasthan, that will aid renewable energy evacuation from the region. Through new order acquisitions, the company continues to cement its position in international regions like Americas, European Union, Africa, and Middle East.
In the Power Cables business, the company acquired several strategic orders including delivery of Extra High Voltage (EHV) cables to a solar park in Rajasthan, multiple cable delivery projects for Uttar Pradesh Power Transmission Corporation Limited (UPPTCL) as well as the Nepal Electricity Authority. Amongst other significant wins, the company will supply medium voltage (MV) cables for the expansion of Indian Oil Corporation’s Panipat refinery – one of South Asia’s largest integrated petrochemical plants.
The company’s specialized EPC arm bagged turnkey orders from UPPTCL for the fiberization of ~3,400 km of Optical Ground Wire (OPGW) for its 220kV & 132kV lines. It has also been entrusted with an order from PGCIL for uprating the 132kV North-Eastern Corridor with an aim of doubling the potential capacity of the existing corridor. This order is also in addition to the existing portfolio of projects that Sterlite Power is delivering for PGCIL, towards decongesting the critical transmission corridors across the country.
Manish Agarwal, CEO, Global Products & Services, said, “We are excited about our role in accelerating the global energy transition. Our strong order book is a testament to the confidence that our customers have in our capabilities and expertise. We expect a robust order booking for all our products in Q2 as well.”