GE to set up 'Growth Team' for expansion

GE is setting up a 'Growth Team' to lead its ambitious plans to expand businesses in India.

The growth team would be lead by Anil Chawala, who as CEO of India and South East Asia, was credited to have established a major presence in the commercial finance markets in India and South East Asia and built the financial services business for GE Commercial Finance.

The commercial finance business with a compound annual growth of over 25 per cent is GE's most profitable business in India.

GE India aims to more than triple its revenues from India to $ 3 billion by 2008 from $ 0.8 billion it recorded in 2004.

The ambitious target was set during Jeff Immelt's recent visit to India.

The company is betting on its businesses in energy, commercial finance, GE Money, transportation and advanced materials to drive the growth in India.

The company's other businesses such as healthcare and consumer & industrial sectors will continue to focus on enterprise projects.

The company plans significant growth in its infrastructure businesses focusing on water and process.