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Iljin Electric Secures Major Cable Contract with Malaysia’s Tenaga Nasional

Iljin's $36 Million Deal to Upgrade Kuala Lumpur Substation Marks Expansion in Southeast Asia
South Korea
i 103590.KO Mid and Small Cap 2000
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Iljin Electric, a key division of South Korea’s Iljin Group, has made a significant stride in the international market by securing a $36 million contract with Malaysia’s Tenaga Nasional Berhad. This project involves supplying 52.4 km of 275-kilovolt ultra-high-voltage underground cables and related connection work, aimed at upgrading a substation in Kuala Lumpur’s southern region.

This achievement is a testament to Iljin Electric’s persistent efforts to penetrate Southeast Asian markets, building on its substantial experience and successful project executions in Singapore since 2007. The company’s official highlighted the importance of this project in establishing customer trust and laying a foundation for future continuous orders.

Iljin Electric has been a notable player in Southeast Asia’s ultra-high-voltage cable sector, with significant orders in recent years, including 153.5 billion won ($115.5 million) in Singapore and 82.1 billion won ($61.8 million) in Bangladesh in 2022 alone. Their expertise in ultra-high-voltage power is not limited to Asia; they have seen a surge in orders for transformers in North America and substantial cable orders in the Middle East.

In response to this growing demand, Iljin Electric is undergoing a 100 billion won ($75.3 million) capital increase to expand facilities and further investment initiatives. CEO Hwang Soo emphasized the company’s commitment to leveraging its technical expertise and product reliability to actively pursue overseas orders and revenue growth. This contract with Malaysia’s state-owned power utility marks a significant milestone in Iljin Electric’s expanding global footprint, reinforcing its position as a leader in the ultra-high-voltage power sector.

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