HVDC converter stations (LCC and VSC), STATCOMs and other FACTS devices that move bulk power long distances and stabilise a renewable-heavy grid.
Builds the converter stations at each end of an HVDC link - valves, converter transformers, filters and controls - and the STATCOM and reactive-power devices that keep voltage steady as solar and wind swing. Only a handful of global groups own the technology; Indian partners do civil, transformers and parts of the build.
HVDC carries bulk power with lower losses over 1,000+ km, which is how Khavda's and Rajasthan's renewables reach Maharashtra. Two ±800 kV, 6 GW terminal pairs are now under order: Khavda-Nagpur (BHEL-Hitachi Energy, Nov 2024) and Barmer-II to South Kalamb (GE Vernova T&D, Sep 2026), plus AESL's Rajasthan link. These are among the largest single orders the equipment makers have ever booked.
Large, lumpy orders (several thousand crore per terminal pair) with long execution (3-4 years). Margins are decent for the technology owner but projects carry execution and penalty risk. Converter transformers are the biggest equipment item.