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Ge Investments In India’s Core Sectors Set To Increase
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GE investments are likely to have a ripple effect on India’s overall economic growth and beyond.
General Electric Co., the US-based business conglomerate is firming up plans to make further investments in India’s rail, power and healthcare sectors, the company has confirmed in a recent statement.
The news comes just ahead of the company chairman and CEO Jeff Immelt’s visit to India later this month. In his statement on the issue, Immelt said, “India is a growth engine for Asia, and we see huge potential for the country in the manufacturing space. Infrastructure is a key driver of India’s growth.
“We are keen to invest much more in India and in projects to boost its infrastructure in sectors such as rail, power and healthcare. These efforts will have a ripple effect on the overall economic growth in India and beyond,” he added.
The American multi-national conglomerate in a statement said it had doubled its investments in India over the past five years and delivered about $3 billion in economic value. “Investments have ranged from supplier development programs to new, large infrastructure projects and manufacturing facilities,” it added.
GE said their manufacturing facilities in India were now leveraged by the company as global supply source for a number of its businesses such as aviation, turbo machinery, wind turbines and diesel locomotives.
The company said as part of its Make in India initiative, it has increased the levels of local sourcing by 20% for locomotives, 30% for power equipment and 15% for aviation. “India may soon become a global centre of excellence for certain components,” the statement added.
GE is also looking to form a public-private partnership in Bihar, in line with the existing partnerships it has with seven states for healthcare. Earlier this year, the company announced a $200 million investment in its multi-modal manufacturing facility in Pune, Maharashtra.
In April 2014, GE Energy Financial Services invested US$24 million for a 151 MW solar photovoltaic project in Neemuch, Madhya Pradesh that Welspun Renewables, a pioneer in solar power solutions, has developed.
India’s rail, power and healthcare sectors are set to receive a major boost with US-based conglomerate GE firming plans to scale up its local GE investments.
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