Headquartered in Vadodara, Yash Highvoltage is a leading Indian manufacturer of high-voltage and EHV condenser-graded transformer bushings, with over 35,000 units operating globally. The company introduced localized RIP bushings up to 245kV to the Indian market, way back in 2016, thereby reducing India’s dependence on imports. In this interaction, we have Keyur Shah, Chairman & Managing Director, Yash Highvoltage Ltd explaining the critical role of transformer bushings, especially for a country like India that is in the midst of massive expansion of its power grid. Though the country is today largely dependent on imports, Keyur Shah is confident that with expanding domestic capacity and policy tailwinds for local manufacturing, India’s dependence on imports for transformer bushings will significantly abate in the coming years.
Let us start with a basic understanding of transformer bushings. What is the precise role that bushings play in a transformer, and what is the difference between OIP and RIP bushings?
Transformer bushings provide the insulated path for electrical conductors to pass through the grounded transformer tank; they keep the high-voltage conductor electrically isolated from the earthed enclosure while allowing safe connection to the outside network. Practically, bushings are critical for safe passage of power in-and-out of transformers.
The core technical difference between OIP (Oil-Impregnated Paper) and RIP (Resin-Impregnated Paper) is the insulating medium and construction: OIP bushings use oil impregnated cellulose paper and rely on an oil-filled insulation system, whereas RIP bushings are made of dry-type and oil-free insulation system comprising crepe paper and resin.
From a technical perspective, are RIP bushings more efficient than OIP bushings?
‘More efficient’ depends on the application. RIP bushings typically offer advantages in compactness, reduced maintenance (no oil handling), improved mechanical robustness, and better performance against moisture ingress and partial discharge in dry conditions. For many new-build and retrofit applications especially where lifecycle reliability and logistics matter – RIP is preferred. However, OIP still has proven long-term service in heavy-duty installations and may be chosen for specific legacy or thermal reasons. The industry sees RIP as the modern, maintenance-friendly choice in many high-voltage use cases.
Yash Highvoltage also offers high-current bushings – what are they and where are they deployed?
High current bushings are designed to carry very large currents (high ampacity) while keeping dielectric and thermal performance within safe limits. You will find them on power transformers used in utility grids, large interconnecting transformers, generation plants, and heavy industrial installations where both high voltage and high through current are required. These are specialized products requiring robust mechanical, thermal and contact designs.
Yash Highvoltage® offers an indigenous range of high-current bushings rated up to 25,000 Amps, available in both OIP and RIP technologies. We are proud to be the first company in India to manufacture and supply transformer bushings with a 25,000 Amp rating.
We understand that there are very limited suppliers for transformer bushings globally– whether OIP and RIP. According to you what are the reasons?
A few structural reasons restrict the number of suppliers:
- Technical complexity and the need for high precision manufacturing and testing
- Significant capital investment for controlled facilities, testing rigs and long R&D cycles to meet international standards, like IEC, IEEE etc.
- Stringent qualification cycles required by utilities and OEMs
These factors mean only specialized players with deep engineering expertise and quality credentials typically succeed.
Yash Highvoltage® recently went public through an IPO to part-finance a greenfield RIP bushings plant in Gujarat. Can you elaborate on the project? Where does it currently stand and what are the R&D and testing capabilities being developed at the new facility?
Yes, we raised capital through an SME listing and used a portion of the proceeds to set up a greenfield facility for manufacturing condenser graded RIP/RIS transformer bushings in Vadodara-Suncity, Savli area of Gujarat. The project is intended to scale RIP manufacturing, localize critical processes, widen the export market and enhance in-house testing capability. We have completed the foundational and groundbreaking milestones and are in an advanced stage of construction, which will soon be followed by equipment commissioning.
What is the current capacity of RIP bushings at your company’s existing plant, and what impact will the new plant have on the overall capacity?
Our existing Vadodara (Halol) plant’s installed annual capacity is commonly referenced at 7,000 bushings. The split is across OIP, RIP and high-current products with RIP accounting for 3000 units. The greenfield RIP project is intended to materially increase RIP capacity and reduce lead time, moving us from being a domestic supplier to a significantly larger one for both domestic and export markets for RIP bushings.
What is the import dependency on raw materials for RIP bushings? Do you see this reducing in the coming years?
RIP cores and insulators indeed have import dependency even today. That said, with the upcoming plant and localization initiatives of Yash Highvoltage®, we are actively developing in-house capabilities for producing RIP cores and associated processes, which is expected to reduce import dependency over time – both for cost control and to strengthen the ‘Make in India’ supply chain. Market import data also shows ongoing imports of RIP bushings to India, which domestic capacity expansions can substitute.
What is the demand-supply situation of RIP bushings in the domestic market? What is India’s overall dependency on imported RIP bushings?
Demand is strong with rising global energy requirement due to rapidly rising data centre installations, urbanisation and industrialisation, EV infrastructure, high-speed railway and metro electrification, dedicated freight corridors, renewable expansions, etc. sharply augmenting per-capita power consumption and adding pressure on power grids.
With increased transmission and distribution capex, grid modernization and the transformer replacement/refurbishment cycle, several public tenders and utility procurements including POWERGRID’s, shows active requirement for high-voltage RIP bushings.
At the same time, domestic supply has been relatively concentrated, relying on imports until Yash Highvoltage localised RIP bushings in 2016, which catered significantly to the domestic demand for RIP bushings up to 245kV. With expanding domestic capacity and policy tailwinds for local manufacturing, dependence on imports is seen to be gradually reducing but not yet eliminated.
“With the greenfield RIP plant, testing facility upgrades, R&D investments, and Sukrut acquisition, we expect to strengthen market share.”
We understand that Yash Highvoltage, in equal partnership with Quality Power Equipments, has acquired Sukrut Electric. Can you please discuss the strategic importance of this acquisition for Yash?
The strategic rationale is simple: Sukrut brings legacy manufacturing capability in transformer components, complementary product lines, and access to new customers and technologies. This collaboration marks a significant consolidation in India’s high-voltage equipment sector, bringing together Yash Highvoltage®, a prominent global provider of condenser-graded transformer bushings and Quality Power, known for its high-voltage power systems and energy quality solutions, aiming to strengthen Sukrut Electric’s reach and scale in both domestic and global transformer markets.
How do you see the prospects for Yash Highvoltage in the coming years, especially in view of the capacity expansion of RIP bushings and the hugely anticipated transformer demand?
Grid modernization, renewable integration, transmission interconnections and initiatives like ‘Make-in-India’ and ‘Self-reliant India’ are naturally translating to growing transformers and bushings demands. Our H1FY26 performance underscores this growth potential in metrics like – revenue and profit improved materially year-on-year, reflecting strong order inflows and executions. With the greenfield RIP plant, testing facility upgrades, R&D investments, and Sukrut acquisition, we expect to strengthen market share, shorten lead times, and support both domestic and export customers – all of which underpin healthy growth going forward.
Photographs, in order of appearance, show: Overview of the Vadodara (Halol) plant of Yash Highvoltage Ltd; High-current OIP bushing; 245kV RIP bushing; RIP transformer bushings fitted on a transformer.