Key takeaways
- The business began as ABB India in 1949 and scaled across transformers, switchgear and grid automation.
- Hitachi acquired ABB’s global power-grids business for $11 billion in 2020.
- The Indian listed entity was renamed Hitachi Energy India in January 2022, focused on HVDC and grid tech.
- By FY25 revenue topped ₹5,500 crore with order inflows above ₹16,000 crore.
- 1949 ABB India is established as ASEA Brown Boveri’s Indian operation.
- 1989 ASEA merges with Brown Boveri globally, and ABB India scales across transformers, motors, drives, robotics, switchgear and grid automation.
- 2018 ABB announces globally that its power-grids business will be hived off.
- Jul 2020 Hitachi acquires 80.1% of ABB Power Grids globally for $11 billion, and the Indian listed entity becomes ABB Power Products and Systems India.
- Jan 2022 It is renamed Hitachi Energy India, narrowing focus to HVDC, FACTS, transformers, gas-insulated switchgear and grid automation.
- 2023 The order book hits record levels as Power Grid Corporation places multiple HVDC orders.
- FY25 Revenue tops ₹5,500 crore, margins expand, and order inflows exceed ₹16,000 crore.
- 2025 India’s renewable grid is built on Hitachi Energy technology, the order book offers multi-year visibility, and HVDC is flagged as the structural growth driver.
- 2026 It is one of two listed names able to build HVDC at scale in India, a near-monopoly inside the largest grid spend the country has ever attempted.
India is rebuilding its electricity grid from a thermal-dispatch architecture to a renewable-dispatch one, and that build-out runs on HVDC, FACTS devices and digital substations. Hitachi Energy India is one of only two listed names that can deliver HVDC at scale, a near-monopoly inside the largest grid spend the country has ever attempted. Here is the journey, year by year.
The pattern is the point
India is re-architecting its grid for renewables, and that build-out requires the HVDC, FACTS and digital-substation hardware Hitachi Energy India makes. With only two players able to deliver HVDC at scale and a capex cycle that has roughly a decade to run, the result is a near-monopoly inside the largest grid spend India has ever attempted.
