GE Infra targets $8 bn revenues from India by '10

GE Infrastructure, one of the world's leading providers of essential technologies to developed, developing and emerging countries, is targeting to increase revenues from its India operations by a third to $8 billion by 2010 from the current $6 billion.

The company, which offers machinery for the power, oil and gas and healthcare sectors in India, will take an organic route to achieve this growth, said John G Rice, vice-chairman of GE, and president and CEO of GE Infrastructure.

"We have to have a good presence in India," said Rice, adding that the company's power business in the country has grown five-times in the last five years, while its oil and gas exploration equipment business has grown by over three times.

He added that the opportunities for infrastructure creation would remain for many years to come, and that would provide the growth impetus to the company. "It took a while to create them (the problems) and it will take a while to solve them," said Rice.

The company would still look out for mergers and acquisitions. "We may start out with joint ventures and then go big on it. We are always looking for opportunities," he said. Rice, however, declined to name the companies GE was talking with.

Manufacturing hub
The company is also looking at India as a manufacturing hub for its equipment "not only for the Indian market but also for our global markets," Rice said. It is planning to set up a manufacturing unit for its various products with localised knowledge.

"It wouldn't make sense if we try to sell a product meant for our US and European markets in India," he said.

Nuclear focus
Rice said the company would be interested in contributing to the country's nuclear power generation programme as and when the government comes out with a policy. "Any country that is serious about energy security and the environment needs to have nuclear power," said Rice.

GE provides technology for nuclear energy to many countries worldwide.