Mumbai, May 27, 2005 - The Chairman and CEO of GE, Jeffrey R. Immelt, today said that India is on the threshold of a strong growth cycle. Reaffirming GE's confidence and commitment to India, Mr. Immelt said that he expects GE's revenues in India to jump from US$800 million, to over US$5 billion by 2010.
Mr. Immelt said, "We believe that India is at the beginning of a growth cycle with consumer spending increasing at a strong rate and people seeking and demanding a better quality of life. It is clear to me that there is a new India. A new India that is booming both in its purpose and optimism. One that aspires to be a global political and economic leader."
Mr. Scott R. Bayman, President and CEO, GE India said, "In my 12 years at the helm of GE in India, I can see a clear shift in confidence in India and I believe that these are being driven principally by three factors - telecommunications, the evolution of a younger more affluent working class and the emergence of a large base of Indian world-class companies, especially in steel, cement, auto components. We are also clearly seeing a strong commitment towards getting the infrastructure right."
Mr. Immelt who was in India on a two-day visit where he interacted with GE customers, industry leaders, government officials and GE business leaders, said that India has identified two clear priorities - improving the quality of life with a focus on education, rural healthcare, water availability and rural electrification and economic growth where the focus is on power generation, energy independence, transportation and agriculture reform.
With its diversity of businesses and the synergies they offer, Mr. Immelt said that he believed GE was in a unique position to contribute significantly to India's economic growth. He said that GE's best opportunities are in the areas of advanced materials, energy, healthcare, financial services, security and water treatment. As India looks to fulfill its growing demands, there will be "One GE" with solutions delivered under one platform as a single value proposition that realize the value and power of GE's businesses and technologies.
The most recent example of "One GE" is the MoU signed by GE with Dr. Naresh Trehan's MediCity, a $250 million multi-specialty hospital in Gurgaon modeled after Mayo Clinic and Johns Hopkins in the USA. Under the MOU, GE India and Medicity will collaborate in a number of initiatives to create a medical institute of world standards specifically in the areas of high end medical diagnostics, clinical research and development, utility services like power generation & distribution, lighting, water treatment and other environmentally friendly solutions. This is GE's first such collaborative venture worldwide and is also the first instance in Asia, where a leading technology provider has entered into a partnership with a centre of excellence in healthcare services and research.
GE is intensifying its presence in India across several areas. The entry of low-cost airlines, the open skies policy, the growing number of flyers, the demand for new and upgraded airports all offer several opportunities to businesses such as GE Commercial Finance, GE Infrastructure, GE Consumer & Industrial and GE Aircraft Engines. GE Infrastructure, which is a global leader in industrial water treatment technology, sees water management as a significant opportunity. The booming consumer sectors including mobile phone, auto and housing offer strong growth potential for GE Money and GE Advanced Materials. The growing demand for better quality healthcare is driving GE Healthcare's growth agenda in India while GE Energy is expected to grow rapidly in view of the large investments being planned in the power sector and GE's technological edge.
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.
* * *
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Corporate Communications
[email protected]
business unit
tags