Resonia betting big on power transmission, to invest Rs 1 lakh crore by FY32: Chairperson Pratik Agarwal

In his first interview since the demerger, Pratik Agarwal, who is the managing director of Sterlite Electric and the chairperson of Resonia, told Moneycontrol that India now has the largest greenfield transmission BOT (build, operate, transfer) market in the world, even bigger than China, Europe and the US. Agarwal, also the chairperson of Vedanta’s green energy arm Serentica Renewables, said the private sector has in it to meet the growing demand for power from the commercial and industrial (C&I) sector. For Serentica Renewables, we are betting big on the commercial and industrial (C&I) segment. India’s C&I is already delivering a revenue of about $40 billion annually. Our estimates suggest this is going to double to $80 billion by 2031-32. We are going to be a company with a capacity of 4,000 MW by the end of this financial year. By 2030, we intend to have a capacity of 13,000 MW in addition to 6,000 MWh of storage. We are also well-funded, with over $650 million in commitments from KKR and rest coming from the family.Coming to Resonia Ltd, in FY25, India awarded around Rs 1,15,000 crore in transmission work and Resonia has about 20 percent market share in that outlay. The company is managing assets worth about Rs 30,000 crore, which includes operational and under-construction assets. We expect to add works worth Rs 10,000 to 15,000 crore every year. By FY32, we expect Resonia to reach around Rs 1 lakh crore of assets under management. Sterlite Electric is one of the largest players in the country for conductors and extra high voltage (EHV) cables, and we’re exporting to more than 40 countries. We expect a turnover of about Rs 6,500 crore in the current financial year. We plan to double this in the next three or four years by expanding into high-end cable manufacturing such as HVDC (High Voltage Direct Current) and even submarine cables. Ultimately, we’ll expand into other transmission and distribution (T&D) equipment such as power electronics, substation equipment and even software and digital services for T&D equipment.