Diamond Power Infrastructure Limited has announced the successful commissioning of its 7th MV/EHV Power Cable Production Line at its advanced manufacturing facility in Vadodara, Gujarat. The newly commissioned line employs Continuous Catenary Vulcanisation (CCV) technology, a globally recognised method for manufacturing medium and extra-high voltage XLPE power cables. The investment of ₹55 crores has been funded entirely through internal accruals, with no external debt financing involved. The company further strengthened its integrated manufacturing capabilities in the MV and EHV Power Cable segment, catering to utilities, renewable energy projects, industrial infrastructure, metro rail, smart cities, data centres, and underground power distribution networks.

Capacity Addition Details

The commissioning of this line marks a significant operational milestone, adding 150 kms per month to the company's manufacturing capabilities. Diamond Power also disclosed that three additional MV/EHV Cable Lines are under various stages of installation and commissioning, expected to become operational before 31 March 2027.

The following table outlines the key parameters of the capacity addition:

Strategic Focus and CCV Technology

Diamond Power has adopted a focused strategy to emerge as a leading player in the EHV and MV Power Cable industry by significantly expanding manufacturing capacities, strengthening technology capabilities, and increasing participation in high-value infrastructure and power transmission projects. The company believes India and global power infrastructure are entering a multi-decade investment cycle driven by several structural factors:

• Massive expansion in renewable energy generation
• Rapid growth in power transmission and distribution infrastructure
• Underground cabling in urban areas and smart grid investments
• Increasing industrial electrification
• Expansion of metro rail, airports, ports, and data centres
• Green energy corridor projects and growth in transmission voltages from 132 kV to 220 kV, 400 kV and beyond

CCV technology is regarded as one of the most advanced and globally preferred technologies for manufacturing MV and EHV XLPE Power Cables. The key advantages of this technology are summarised below:

Industry Outlook

The MV and EHV Power Cable industry is entering a phase of sustained long-term growth both in India and globally. Global demand for HV and EHV cables is witnessing strong growth driven by renewable energy integration, underground transmission systems, offshore wind projects, and modernisation of ageing power grids. India is expected to remain one of the fastest growing power infrastructure markets globally due to rapid urbanisation, industrialisation, electrification, and renewable energy expansion.

Key industry trends include capacity utilisation across organised cable manufacturers remaining high, utilities and infrastructure developers increasingly preferring technologically advanced and quality-compliant suppliers, higher voltage underground transmission systems gaining adoption, and significant entry barriers in EHV cable manufacturing due to technology intensity, testing infrastructure, and execution capabilities.

Management Commentary

Commenting on the development, Ms. Nivedita Pandya, Vice President, Engineering and Projects, stated that the commissioning marks another important milestone in Diamond Power's growth journey. She highlighted that the company is making significant investments in advanced technologies and capacity expansion to strengthen its position in the high-growth MV and EHV Power Cable segment. She further noted that with three additional lines under commissioning before March 2027, Diamond Power is building substantial manufacturing capabilities to cater to rapidly growing demand from utilities, renewable energy projects, industrial infrastructure, and urban power transmission networks.

Diamond Power Infrastructure Limited has announced a landmark legal and corporate milestone, securing a discharge in both CBI and ED/PMLA proceedings. The discharge order in PMLA Case No. 2/2024 was pronounced by the Hon'ble Court of the Principal District & Sessions Judge, Ahmedabad, designated as the Special Court under the Prevention of Money Laundering Act, 2002 (PMLA), on May 6, 2026, and received by the company on May 7, 2026. This development clears the path for the release of fixed assets worth approximately Rs 1000+ Cr and receivables aggregating to Rs 900+ Cr, which had been under embargo since 2018.

Background and Legal Proceedings

The PMLA case was initiated by the Directorate of Enforcement pursuant to an FIR registered by the Central Bureau of Investigation (RC No. 0292018A2006 dated March 26, 2018). The proceedings pertained to offences under Section 3 and punishable under Section 4 of the PMLA Act, 2002. As a result, substantial fixed and current assets of the company, along with those of its subsidiary Diamond Power Transformers Limited, had been attached, significantly impacting operational and financial flexibility for several years. Earlier, the Hon'ble Gujarat High Court had quashed and set aside the relevant proceedings and actions, and allowed the discharge of the company from prosecution initiated under CBI/ED proceedings in PMLA Case nos. 5 of 2021, 21 of 2018, and CBI-ACB Case No. 3/2020. With the present order of the Trial Court discharging the company as an accused in PMLA Case No. 2/2024, the company believes that a significant overhang on its operations and financial position now stands resolved.

Impact on Operations and Future Growth

The company confirmed that no proceedings are now pending against it under the PMLA Act, 2002. Following the takeover by new management under the Insolvency and Bankruptcy Code (IBC), the company had approached judicial forums for remedies. The discharge is expected to enable the leveraging of the fixed asset base for raising working capital and the realisation of outstanding pre-NCLT receivables. The company has made a remarkable turnaround supported by fund infusion by the Promoters, and these developments are expected to result in acceleration of operational expansion and execution capabilities, as well as enhanced confidence amongst lenders, customers, vendors, and institutional stakeholders.

Management anticipates that the infusion of fund-based and non-fund-based working capital limits will significantly accelerate the utilisation of presently highly under-utilised manufacturing capacities across various plants and business divisions. This will also pave the way for bank guarantee limits to participate in various business opportunities with National, State, and International Utilities. In addition, the company plans to expedite balancing equipment projects, debottlenecking initiatives, modernization programs, and expansion of ancillary infrastructure to enable higher production efficiencies and support future growth opportunities. The present development further reinforces the "clean slate" principle available to successful resolution applicants under the IBC and provides strong momentum for the next phase of growth.

With over five decades of presence in the power transmission and distribution sector, Diamond Power Infrastructure Limited continues to focus on strengthening its manufacturing capabilities across Power Cables and conductors, and remains committed towards long-term value creation for all stakeholders.

Regulatory Disclosure

The intimation to the stock exchanges was signed by Diksha Sharma, Company Secretary, on May 8, 2026. The company clarified that the discharge does not involve any settlement, and no compensation or penalty has been paid. The matter does not pertain to any key management personnel, promoter, or ultimate person in control.