Key takeaways
- The business began as Alstom T&D in India in 1957, making transformers and switchgear for state electricity boards.
- GE’s $13.5 billion purchase of Alstom’s power and grid arms in 2014 moved the Indian listed entity to GE.
- After GE’s split, it became GE Vernova T&D India in April 2024.
- It is one of only two players able to build HVDC at scale in India, with FY25 revenue above ₹4,000 crore and record order inflows.
- 1957 Alstom T&D begins operations in India, its first plants making transformers and switchgear for the state electricity boards.
- 1990 It becomes one of India’s largest power-equipment makers, spanning transformers, gas-insulated switchgear and traction equipment for Indian Railways.
- Nov 2014 GE acquires Alstom’s global power and grid businesses for $13.5 billion, and the Indian listed entity passes from Alstom to GE.
- 2018 Renamed GE T&D India, it narrows focus to HVDC, transformers, gas-insulated switchgear and grid automation, one of only two companies on earth that can build HVDC at scale.
- 2021 GE announces a plan to split into three companies, with the energy business to become GE Vernova.
- Apr 2024 GE Vernova spins off globally, and the Indian listed entity is renamed GE Vernova T&D India.
- 2024 Power Grid Corporation places multiple HVDC-corridor orders as Indian transmission capex hits all-time highs.
- FY25 Revenue rises above ₹4,000 crore, with margins expanding on the shift toward HVDC and gas-insulated switchgear.
- 2025 Record order inflows continue, India’s renewable grid is built on GE Vernova and Hitachi Energy technology, and multiple long-cycle HVDC bids are submitted across India and the Middle East.
- 2026 With roughly a decade of capex cycle still to run, only two listed names can deliver HVDC at scale in India.
India’s electricity grid is being rebuilt from a thermal-dispatch architecture to a renewable-dispatch one, and that rebuild runs on high-voltage direct current, FACTS devices and digital substations. GE Vernova T&D India sits squarely in those businesses, as one of only two listed names that can deliver HVDC at scale in the country. Here is the journey, year by year.
The pattern is the point
The Indian grid is being re-architected for renewables, and that build-out requires exactly the HVDC, FACTS and digital-substation hardware GE Vernova T&D sells. The result is a duopoly inside the largest grid spend India has ever attempted, a structurally advantaged position that the order book is only beginning to reflect.
