Empowering Humanity

Sterlite Power Transmission Limited Annual Report 2022-23

Empowering Humanity by Addressing the Toughest Challenges of Energy Delivery

Energy transition is a critical driver to combat climate change impact. India remains among the world’s largest producers and consumers of energy in the world. With the country accelerating towards Net Zero by 2070 and with an ambitious target of 500 GW of installed renewable energy by 2030, power transmission will be a key catalyst to connect renewable generation centres to the national grid.

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Sterlite Power at a Glance

Sterlite Power Transmission Limited (Sterlite Power) is a leading global developer of power transmission infrastructure with projects of 15,000 circuit km (ckm) and ~ 28,322 mega-volt ampere (MVA) in India and Brazil.

Asset Portfolio across India and Brazil

` 41,748.89* crores

(US$ 5.08 billion)

capex * Including projects commissioned,
under-construction and transferred to IndiGrid

Business Divisions

Each of our businesses serves our core purpose of ‘empowering humanity by addressing the toughest challenges of energy delivery’.

Global Infrastructure

We bid, design, construct, own and operate power transmission assets across multiple geographies.

MSI and Products Business

We specialise in upgrading, uprating and strengthening existing power delivery networks.

Convergence

We aim to create a pan-India, efficient optical ground wire network to deliver high-speed data that runs over existing power transmission lines.

  • Chairman’s Message

    Chairman’s Message

    We have made a significant step toward accelerating India's transition to a greener and more resilient economy by successfully commissioning of the largest green energy corridor. This serves as evidence of our unwavering dedication to advancing India's sustainable future in the power sector.”

    MR. PRAVIN AGARWAL Chairman

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  • Managing Director’s Message

    Managing Director’s Message

    As India embarks upon a crucial phase of sustainable growth and development or what we call the “Amrit Kaal”, its energy demand is set to outpace its domestic supply. India is expected to be one of the largest contributor to global energy demand growth with a share of 30% till 2035.”

    MR. PRATIK PRAVIN AGARWAL Managing Director

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We have made a significant step toward accelerating India's transition to a greener and more resilient economy by successfully commissioning of the largest green energy corridor. This serves as evidence of our unwavering dedication to advancing India's sustainable future in the power sector.”

Read More

As India embarks upon a crucial phase of sustainable growth and development or what we call the “Amrit Kaal”, its energy demand is set to outpace its domestic supply. India is expected to be one of the largest contributor to global energy demand growth with a share of 30% till 2035.”

Read More

Key Performance Indicators

Total Income

(₹ in crores)

EBITDA

(₹ in crores)

PAT

(₹ in crores)

Circuit km

(Cumulative)

Key Milestones

  • 2006-2009
  • 2010-2013
  • 2014-2015
  • 2016-2017
  • 2018-2019
  • 2020-2021
  • 2022-2023

Sowing Seeds

2006-2009

  • Power business acquired from Sterlite Industries Ltd.
  • Sterlite Technologies Ltd. (STL) forays into power transmission
  • Expanded power conductor manufacturing capacity

Strengthening Roots

2010-2013

  • Sterlite Power (as a division of STL) awarded India’s first independent Power Transmission Project under Tariff-Based Competitive Bidding (TBCB)
  • Set up power cable manufacturing facility in Haridwar, Uttarakhand
  • Awarded India’s first 765 kV private project – Bhopal Dhule Transmission Ltd (BDTCL)
  • Established Master System Integrator (MSI) service line, in Gujarat Energy Transmission Corporation Limited (GETCO), West Bengal Power Grid Corporation of India Limited, Transmission Corporation of Telangana Limited (TSTRANSCO) and Uttar Pradesh Power Transmission Corporation Limited (UPPTCL)
  • Awarded RAPP Transmission Company Ltd (RTCL) project with 403 ckm in Madhya Pradesh and Rajasthan and Purulia and Kharagpur Transmission Company Limited (PKTCL) with 545 ckm in Jharkhand and West Bengal

Nurturing Growth

2014-2015

  • Standard Chartered Private Equity infused an investment of ` 500 crores (US$ 67.8 million)
  • First inter-state project commissioned, East-North Interconnection Company Limited (ENICL) in Assam-West Bengal- Bihar
  • Awarded Northern Region Strengthening Scheme - 29 (NRSS-29), a project in the challenging terrain of Jammu & Kashmir (J&K) with route length of 887 ckm
  • Commissioned second project Bhopal Dhule Transmission Company Limited in Bhopal-Dhule
  • Awarded Maheshwaram Transmission Company Limited project in Telangana, taking total project count to seven
  • First private transmission developer to win an award from the Ministry of Power for early commissioning of 765/400 kV Dhule substation

Spreading Branches

2016-2017

  • First developer to commission a TBCB project, RTCL ahead of schedule
  • Commissioned the Jalandhar- Samba line – a key section of NRSS-29, the transmission corridor in Northern India, 12 months ahead of schedule
  • Raised India’s first AAA (SO) rated infrastructure bonds without Government guarantee for transmission projects
  • Invested in Finland-based Sharper Shape for UAV-based technology
  • Deployed helicranes to set up a power transmission line in the mountainous terrain of J&K in partnership with Erickson Inc.
  • Demerged from STL
  • Delivered India’s first Smart Line (a combination of high-performance conductors, optical ground wire and communication lines)
  • Won two projects in Brazil, becoming the first Indian transmission infrastructure developer to enter the global market IndiGrid listed on Indian stock exchanges; Sterlite Power transferred two projects to IndiGrid won Novo Estado, the largest project in Brazil Transmission Auction, increasing the total Latin American transmission portfolio to US$ 1 billion
  • Awarded the largest uprate and upgrade project in India
  • First customer onboarded on Sterlite’s MTCIL fibre network

Expanding with Confidence

2018-2019

  • Acquired 28.4% stake in transmission infrastructure business from Standard Chartered Private Equity for ` 1,010 crores (US$ 137 million)
  • Accreditation for OPGW facility 17025:2005- from National Accreditation Board for Testing and Calibration Laboratories (NABL)
  • Won the largest global order of ~` 300 crores (US$ 40.7 million) from GS S Korea for supply of High-Performance Conductor (ACCC)
  • Won six new transmission projects in Brazil to take the total capex to US$ 2 billion
  • Commissioned NRSS-29 ahead of schedule; the project was dedicated to the people of J&K by Prime Minister Shri Narendra Modi
  • Successfully heralded ‘Zero Shutdown’ capability in India, with the reconductoring of a 66 kV transmission line in ‘live-line conditions’ in Bengaluru
  • Agreement with IndiGrid for sale of five transmission asset from Sterlite Power worth ` 11,500 crores (US$ 1.6 billion)
  • Bagged first underground MSI project with Geographic Information System (GIS) substation
  • Completed OGPTL project 10 months ahead of schedule
  • Won Pampa Project, another prestigious transmission project in Brazil; taking Brazil project count to 10
  • Successfully commissioned Arcoverde – the first project in Brazil, 28 months ahead of schedule
  • Convergence business entered a Public Private Partnership (PPP) with Gurugram Smart City to build an intra city fibre network
  • NRSS-29 chosen as Gold Winner in the IPMA Global Project Excellence Award 2019 for the Mega-sized Projects Category
  • NRSS-29 awarded Construction Project of the Year at the S&P Global Platts Energy Awards 2019

Continuing with Resilience

2020-2021

  • Addition of three Inter-State Transmission System (ISTS) projects worth
    ~` 3,600 crores, (US$ 488 million) Western Region Strengthening Scheme - XIX (WRSS-XIX), North Eastern Region Strengthening Scheme - IX (NERSS-IX) and Western Region Strengthening Scheme - XXI (WRSS-XXI) to our portfolio
  • Achieved 3 million safe person hours (April 2019 to March 2020) at MSI projects with zero harm
  • Pioneers in Live-Line Reconductoring Technology in India and Robotic technology for OPGW stringing through SkyRobTM
  • Transforming long-span river-crossings with Aluminum Conductor Composite Core – Ultra Low Sag (ACCC ULS) Ganga innovation and design
  • Successfully charged our first project in Brazil - Arcoverde, 28 months ahead of schedule
  • Successfully launched a Helicopter LIDAR survey on the Raigarh-Tamnar line of GTTPL project
  • Awarded with ‘Safety in Electricity’ in Gold category at the Protection Brazil Awards 2019 for the use of drones and other technologies in crossing energised transmission lines
  • Declared ‘Gold Winner’ in the Earth & Environment Foundation (EEF) Global Sustainability Award 2021 for Outstanding Achievements in Sustainability Management
  • Concluded sale of three Brazilian assets: Arcoverde, Novo Estado and Pampa
  • Successfully executed and sold 3 projects – ENICL, GPTL, and NER-II, amidst COVID-19
  • Won IPMA Project Excellence Awards 2021 for NER project
  • Declared Winner of the Asian Power Awards 2021 in the CSR Initiative of the Year category for Sterlite EdIndia Campaign
  • Certified as Great Place to Work in 2021

Embracing New Frontiers

2022-23

  • Commissioned 1st Green Energy Corridor Project LVTPL and acquired Sterlite Power’s 2nd GEC Project in Rajasthan-FBTL
  • Certified as a Great Place to Work second year in a row in 2022
  • Won the Power Transmission Company of the Year 2023 recognition from The Economic Times.
  • Deployed heli-ops in MUML Package C and Package D for expediting material shifting and logistics
  • Introduced two new solution innovations – ELECRAMA 2022. The 96 Fibre OPGW and ACCC ULS Brahmaputra High Performance Conductor
  • Commissioned 400 kV Banaskantha, Kansari and Vadavi Transmission lines in Gujarat, as part of Mumbai Urja Marg Transmission Limited - Package-A
  • Successfully commissioned DT Line of the Goa Tamnar Transmission Project Limited (GTTPL)
  • Acquired the Kishtwar Transmission project through a Special Purpose Vehicle from PFC Consulting Limited
  • Completed mid-river piling as part of the Nangal-Bibra project
  • Installed GAP conductor at the 132 kV Dimapur to Imphal 166 ckm transmission line
  • Recertification of ISO 9001:2015 (Quality Management System), 14001:2015 (Environmental Management System) and 45001:2018 (Occupational Health and Safety Management System)
  • MSI business achieved 11.5 million safe man hours till Dec 2022
  • Acquired 2 new projects, Tangara and Serra Negra in Brazil

Technology Leadership

An Evolving World needs Revolutionary Solutions

We have led the way in adopting state-of-the-art global best practices in a ‘legacy- driven’ power transmission sector. We are actively pursuing innovation opportunities with universities, start-ups, and third parties.

Aerial Technology for Accelerated Project Execution

  • Planning and automated inspection services by Unmanned Aerial Vehicles (UAVs)
  • First use of helicopter stringing in India
  • Heli-crane based tower erections in tough terrains
  • Investor in global tech start-up: Sharper Shape

Big Data Algorithms/Predictive Simulations

  • Route planning, elevation models and resource optimisation using an in-house smart algorithm platform TransAnalyst
  • Improving predictability of soil characteristics through data analytics for foundation design (Subsurface Terrain Model or STeM)
  • Pan-India power system studies
  • Tower test simulations for design validation

Robotics for Safe Stringing and Technology Intensive Products

  • SkyrobTM – safe and efficient optical ground wire stringing through robotics
  • Largest manufacturer of high-performance conductors in India
  • Low-loss high-ampacity cable, fibre integrated power cable
  • Largest OPGW player in India
  • SmartValveTM – modular power flow control solutions

Digitalisation Operational Efficiency

  • Digital prototypes for higher design quality
  • Quality Health Safety Environment (QHSE) effectiveness through e-audits and remote inspections
  • Magellan is an in-house developed platform leveraging the ArcGIS Platform to automate the entire Power Transmission process from bidding stage through to project execution stage. Magellan has 3 parts - Route Optimisation, Tower Library Centralisation and BoQ generation

Smart Projects for Modern Grid

  • India’s first vertical GIS Substation with smaller footprint leading to reduced CO2 emissions
  • Re-conductoring of 66 kV transmission line in ‘Live-Line Condition’ to achieve a 2x increase in power transfer capacity in Electronic City, Bengaluru

Technology for Greener Ecosystem

  • Translocating bigger and mature living trees
  • Green co-location from Convergence business
  • Utilised state-of-the-art technologies, including drone-based LiDAR and oblique camera systems, integrated with advanced Artificial intelligence (AI) for tree species identification.

Quality Excellence

Sterlite Power is committed to delivering high quality projects and products through a first time-right approach. We have established quality as centre of excellence and drive assurance through engaged leadership and a risk-based process approach implementation of Quality Framework, Critical to Quality (CTQ), regular bootcamps and strategic partnership with our contractors and supplier.

Quality Excellence Model

Customer Satisfaction. Sustainable and Reliable Assets. First-Time-Right Products.

Engagement

Recognition, empowerment and enhancement of skills and knowledge

Leadership

Provide purpose, direction and engagement operation’s built in ownership

Continual
improvement

To sustain current performance, measurement through Score Card and to create new opportunities

Digitalisation

Facts, evidence and data analysis for decisionmaking iQSafe, Advance BI tools and RPA

Process approach

Risk-based approach, Critical to Quality (CTQ) Compliance, Optimise performance

Partnership

Evaluation, onboarding, periodic assessment with EPC and suppliers

Committed
to Safety First

Sterlite Power believes that “all injuries, occupational illnesses and incidents related to Quality, Health, Safety and Environment (QHSE) are preventable”. Sterlite Power has a vision of “Zero Accidents”, and we consistently strive to achieve high QHSE Standards considering them as non-negotiable and integral part of our all-business operations.

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Management Discussion and Analysis

Economic Overview

Global
The global economy is gradually recovering from the blows of COVID-19 and Russia’s war in Ukraine. While the lowering food and energy prices, improved supply chain functioning and China’s economic reopening provided the necessary fillip to the economy, risks are firmly to the downside with increased inflation and uncertainty from the recent financial sector turmoil.

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Awards and Accolades


Power Transmission Company of the Year 2023


Pratik Agarwal awarded the CEO of the Year (non-renewables) in the ET Energy Leadership Awards 2022


Great Place to Work Certification of 2022


World Manufacturing Congress Award for “Best innovative Product of the Year” 2022


Aegis Graham Bell Award – in the category of "innovation in Telecom Infra" for its game changing innovation in building edge computing Containerized Data Centre (CDC) 2022


IDC Innovation Awards 2021 for Data Intelligence


Energy & Environment Foundation Global Sustainability Award 2021 – Gold Award


Asian Power Awards 2021 – in the category of “CSR Initiative of the Year” for Sterlite EdIndia Foundation


Bronze Winner in the IPMA project Excellence Award 2021 for the Mega-sized Project Category


‘Innovative/Product Services Awards’ at the Golden Peacock Awards 2021


‘HR Excellence Awards’ at the Golden Peacock Awards 2020


Construction Project of the Year 2019