New Delhi, Saturday, July 2, 2005: Scott Bayman, President and CEO, GE India, today confirmed that GE has reached a comprehensive settlement of its Dabhol-related disputes with the Government of India, the Government of Maharashtra and its entities and the Indian lenders to Dabhol. The settlement includes financial consideration in partial payment of various contractor claims for work completed but not paid and in exchange for the transfer of GE's ownership interest in Dabhol.
In announcing the settlement, Mr. Bayman stated, "This has been a long and complex process that GE believes has resulted in a fair and equitable resolution of all issues related to the Dabhol Power Project." He further added, "GE Energy is working closely with NTPC and BHEL to restart the idled Phase One of the power project and to complete the construction of Phase Two. We are pleased with the progress thus far."
Mr. Bayman concluded by stating, "India is an important country to GE's global growth. We look forward to working with our partners, customers and state and central governments in helping India continue to develop into a leading world economy."
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GE has been in India since 1902, when it installed India's first hydropower plant. Today, all of GE's businesses worldwide have a presence in India. GE has built on its solid foundations to become a significant participant in a wide range of key services, technology and manufacturing industries in the country. Global GE Businesses that have a presence in India are: GE Advanced Materials, GE Commercial Finance, GE Money, GE Consumer & Industrial, GE Energy, GE Healthcare, GE Infrastructure, GE Transportation and NBC Universal.
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