GE plans $145 m fund for India businesses
Our Banking Bureau Mumbai GE India today announced setting up of a $145 million 'India development fund' from the proceeds of the settlement of the dispute over Dabhol power project.
|
The fund will be used by the US-based GE's businesses in India, to invest in projects developed by the diversified technology to financial services group's strategic customers. |
|
This is part of GE's strategy in India to make all its business functions as one GE and package financial solutions in everything that it sells or provides in the country. |
|
GE India president and CEO Scott R Bayman said, "GE is at the beginning of a growth cycle in India. We believe that the breadth and diversity of GE and, in particular, the products and services offered by GE Infrastructure can play an important role in addressing India's priorities." |
|
"The fund is a reaffirmation of our commitment to India, as we reinvest the money received in settlement of our claims related to the Dabhol power project," he added. |
|
The fund is also part of GE's strategy to more than triple its revenues in India to $3 billion by 2008, from $0.8 billion in 2004. |
|
GE expects that the demand for new and upgraded airports will offer opportunities to its businesses such as GE Commercial Finance, GE Security and GE Aircraft Engines. |
|
The company has been in India since 1902, and today all of GE businesses worldwide have a presence in the country. |
|
GE is also in the process of seeking a banking licence in India and has already renamed all its consumer finance entities as GE Money. |
|
|
|