October 10, 2025 • 9 min read
What it takes to win in
India’s energy transition
Daniel Law, Senior Group Director, Strategy, and Jamie Garden, Vice President, Sales, share insights on India’s pivotal energy transition and the strategic bets that will determine long-term success.
India is at a defining moment. By 2047, India will mark 100 years of independence with an ambition to transform into a developed economy or ‘Viksit Bharat’. Central to that ambition lies a massive energy transition: rewiring a coal‑reliant economy into one powered by green hydrogen, renewables, and electrified mobility.
This shift is anything but linear. To explore what’s ahead, we collaborated with the Fletcher School at Tufts University to model three possible scenarios that could shape the arc of India’s future:
- Aspirational India (8–9% annual GDP growth): India goes all-in. Aggressive institutional reforms, high capital investment, and coherent policy coherence push India into a golden era of growth. India achieves 85%+ renewable energy in its power mix and becomes a global clean-tech hub.
- Momentum India (6–7% growth): Steady progress with structural constraints. The green ambition advances – but coal remains king in many states. Renewables scale, but grid limitations and policy patchwork slow integration. Hydrogen and CCUS inch forward, but cost parity remains elusive.
- Constrained India (4–5% growth): Growth is hindered by fragmented governance, infrastructure bottlenecks, and delayed reform. Coal dominance persists, and green capital is cautious, reducing the effectiveness of energy transition efforts. Missed opportunities in workforce development or industrial policy could delay India’s demographic gains.
These aren’t theoretical – they demand real choices now. The strategic bets global firms make today – on infrastructure, partnerships, and local execution – will determine whether they ride India’s growth wave or miss it.
How these scenarios play out will be further influenced by how organizations navigate market forces and identify and overcome challenges. In the following sections, we explore how CEOs can meet these challenges – not just to survive India’s complexity, but to turn it into a durable competitive advantage.
Four challenges for the India Decade and how to transform them into a competitive advantage
1. Managing a ‘multi-India’ reality
For many global CEOs, India’s headline numbers are enticing: 7%+ growth, rising middle-class consumption, and bold green energy ambitions. But behind the macro story lies a sobering operational reality – India isn’t one big market, it’s 28 different ones. For global firms used to national uniformity, India’s federal complexity often defies standard market approaches. Each state operates with its own regulatory lens, economic maturity, infrastructure readiness, and political dynamics.
The differences are striking. Maharashtra tops GDP charts and is a magnet for private capital; Tamil Nadu is fast emerging as an EV manufacturing powerhouse. Meanwhile, states like Bihar remain largely agrarian, with limited industrial infrastructure or energy grid modernization. In fact, just six high-growth states account for nearly half of India’s GDP but attract more than 75% of private infrastructure investment. Even in energy transition, regional disparities shape the pace and model of progress – India added 113 GW of new generating capacity in 2024, mostly renewables, but that growth was highly concentrated in a few progressive states.
A national strategy that ignores this nuance is, at best, an oversimplification – and at worst, a recipe for missteps. National initiatives could stall in lagging states. Capital could get locked in mismatched regulatory environments. Partnerships can falter when local dynamics are misunderstood.
Solution: Shift from an ‘India strategy’ to a ‘portfolio of India’s strategy’.
Think of India less as a country and more as a continent, where relevance and scale are earned one region at a time. With that mindset, CEOs should build state-level playbooks. Prioritize no-regret states for green energy deployment. Embed local regulatory affairs teams that understand subnational nuances. Structure partnerships to be modular, not monolithic.
At Worley, we turned this ‘multi-India’ challenge into a catalyst for opportunity and expansion that has allowed us to tap into a diverse talent pool across major urban centers, develop local expertise hubs and remain close to the headquarters and operational units of our customers.
We do this through a decentralized network of offices across eight strategic locations in India. For example, our offices in Mumbai and Bangalore are strategically located close to the headquarters of major customers such as Reliance Industries, Aditya Birla Group, and multinational corporations like Shell. Our Vadodara (Baroda) office is ideally situated to support India’s chemicals hub, while our Kolkata office serves as a center of expertise for the metals and mining sector, for both domestic and international customers.
2. Timing green investments amid a coal-constrained base
India is advancing toward an ambitious green future – 90% clean energy by 2047, full EV adoption, and scaled green hydrogen. But the road there is anything but linear.
While India has made significant progress by scaling its solar and wind infrastructure in the last decade, coal still remains the backbone of India’s power sector – over 70% of electricity generation and a critical source of industrial employment. In 2024, coal-fired generation hit a record high of 1,221 terawatt hours, with another 80+ GW of new coal capacity planned by 2032.
The opportunity in renewables, hydrogen, battery storage, and biofuels is real but fragmented, with rollout timelines varying dramatically across sectors and states. The challenge isn’t just picking sectors and technologies. The fundamental dilemma is when to invest. Jump in too early, and capital risks being stranded amid policy reversals or affordability constraints. Wait too long, and lose out on early-mover advantages to fast-moving competitors. In a landscape this uneven, timing is everything.
Solution: Think in layers, not leaps.
A winning strategy in India doesn’t require binary decisions between fossil and green – it requires balancing long-term bets with transitional hedges. Fundamentally, it’s about sequencing bets in step with local policy signals, state‑level readiness, cost curves and the social realities of India’s energy landscape, to build optionality.
Companies should initially invest in hybrid models like solar + green hydrogen, clean coal technologies, or dual-fuel systems near industrial hubs. These offer flexibility while preparing for policy and market inflections.
At the same time, CEOs should aim to co-locate and co-create projects to ensure success. For example, anchor projects near steel, cement, or chemical clusters where industrial off-takers are actively decarbonizing. It will also be important to phase projects and investments alongside state-specific reforms – such as open access policies, renewable purchase obligations, or utility decarbonization targets.
At Worley, we have adopted a balanced approach to the evolving energy landscape globally. Our strategy is to have a balanced portfolio that seeks to play in, and bridge, both traditional and sustainable segments. Our early work in traditional sectors has since evolved into a strategic partnership helping drive customers’ sustainability agenda. When customers have announced their net-zero ambitions, we are their trusted engineering partner.
3. Collaborating with India’s ‘Three Titans’: PSUs, family‑owned conglomerates, and agile privateers
India is not just a growth market, but a strategic arena shaped by established power structures. For multinational corporations (MNCs), the real challenge isn’t just solution-market fit – it’s system-market fit.
India’s industrial landscape is anchored by three powerful forces: 1) large Public Sector Undertakings (PSUs) with policy influence; 2) powerful family-owned conglomerates like Reliance and Tata with legacy networks, land access and synergistic edge across the value chain; and 3) fast-moving, tech-savvy first generation entrepreneurs or private players backed by domestic and foreign capital. These Titans are market-makers and they help set price expectations, steer regulatory outcomes, and command the supply chains that MNCs often struggle to penetrate.
The scale of these Titans is formidable. India’s top 10 conglomerates account for over 20% of GDP. The combined value of India’s top three family-run businesses is on par with Singapore’s GDP. For global players, aligning with these engines of growth is often more productive than competing head-on.
Solution: Complement global expertise with local strategic partnerships.
Winning in India doesn’t mean outspending incumbents – it means embedding yourself where they need global capability. Whether it’s advanced tech or IP, digital infrastructure, or a global footprint of experts, MNCs can offer what local giants don’t have in-house. Structured right, partnerships can offer mutual de-risking: local players bring distribution, land, and on-ground intelligence; MNCs bring IP, compliance rigor, and global networks.
CEOs may consider smart moves involving strategic minority stakes, co‑investments, or joint ventures in domestic green energy, digital platforms, or AI‑enabled supply chains. These investments can be value accretive, especially as next-gen leaders of Indian family businesses seek to globalize, credible international partners are increasingly welcome.
Worley’s strategy in India is anchored on complementing our global expertise with local strategic capabilities. We believe that our core value proposition to customers is our global expertise and footprint. Our strong network of SMEs and global project experience spanning 44 countries have been instrumental in shaping this, especially in nascent sectors such as low carbon hydrogen and battery materials. This has allowed us to bring a unique value proposition to India’s powerhouses and to diversify our customer base across a balanced mix of the three Titans.
4. Translate potential to sustained performance
For global companies, India’s promise is undeniable – its scale, demographic edge, and accelerating energy transition make it a critical growth market. But translating potential into performance is another matter entirely.
India’s regulatory environment reflects its democratic and federal complexity, requiring navigation, not shortcuts. For multinationals conditioned by institutional predictability, this can stall execution before it even begins. In the renewable energy sector, for example, a single project can require upwards of 50 approvals spanning central and state agencies. Timelines can vary by 300% across states. Yet, despite these challenges, India drew $13.7 billion in clean energy investments in 2022 — proof that the upside is real for those who can navigate the system.
Add in the complexity of workforce dynamics. India is home to the world’s largest working-age population, but only a fraction is in formal employment, and female labor force participation is one of the lowest globally at just 20%. Over-reliance on expats or transactional partnerships often limits adaptability and erodes long-term capability. The result: a paradox of abundant labor but constrained access to skilled, employable talent – especially outside urban centers.
Solution: Build an exceptional, localized talent pool for execution.
To ensure sustained performance, CEOs need to build an ‘India-first’ leadership pipeline with deep sectoral and functional experience in the country, not just cross-market generalists. Additionally, local leadership must be empowered with full P&L ownership, moving from HQ‑centric decision-making to locally embedded hubs with real authority to adapt, negotiate, and deliver.
CEOs must also invest in attracting top-tier talent and upskilling them through focused initiatives – upskilling and gender inclusion aren’t CSR, they’re foundational infrastructure for growth. Partnering with academia and government will build education-to-employment bridges, especially in Tier 2 and 3 cities where future demand and talent will rise.
At Worley, our local leadership team are all Indian nationals by intention. While we tap into our global network for SMEs, our operational, sales and functional leaders in India are also locals with a rich industry experience. Attracting and retaining exceptional talent is key to ensuring long-term success. We actively collaborate with universities across India – not just urban centers – to identify the best talent. For example, in 2024, Worley India partnered with 66 universities as part of our graduate recruitment program, with 60% of graduates being women. We foster a culture that promotes continuous learning both on-the-job and through structured classroom training programs. Over 200 leaders in India have participated in Worley’s flagship leadership development program – STEP.
The message is clear: succeeding in India requires more than presence – it demands strong local capability, agility in operations, and a willingness to treat execution capability as the new competitive edge.
Worley in India: Built for Complexity, Ready for the Future
At Worley, India isn’t a satellite – it’s a core engine of our global capability. With almost 7,000 professionals across eight regional hubs, we’ve been embedded in the Indian landscape for more than four decades. We’re not just watching India’s energy transition – we’re building it. From engineering solar manufacturing facilities in Gujurat to supporting offshore platforms in Qatar from Hyderabad, our India operations power both local delivery and global excellence through our Global Integrated Delivery (GID) model.
Our teams in India are delivering projects in green hydrogen, low-carbon fuels, grid modernization, circular economy solutions, and battery storage globally, while helping customers navigate complex local regulations and state-specific opportunities.
