NEW DELHI, India--(BUSINESS WIRE)--GE Energy Financial Services, a unit of GE (NYSE: GE), is reinforcing its foothold in India's power market through KSK Power Venture Plc -- a leading power project developer in India. GE has acquired approximately 26% of the equity in Sayi Power Energy Limited, KSK's majority owner.
Additional financial details of the transaction were not disclosed.
"This transaction reinforces GE Energy Financial Services' growth in India's power market," said Raghuveer Kurada, Managing Director of GE Energy Financial Services' India operations. "KSK's pioneering leadership in mid-sized captive power generation and access to dedicated low-cost fuel reserves creates opportunities for sizeable additional investment in new power projects in India. We will play a strategic role in helping KSK to carry out its growth plans."
Earlier this year, GE Energy Financial Services made a debt investment in India's captive power sector. GE Energy Financial Services lent US $17 million to Binani Cement Ltd. for construction of a 22.3-megawatt thermal power plant and associated common utilities in Sirohi, Rajasthan, in north India.
KSK, which develops and owns downstream energy assets throughout India, is the country's first power generation company to be listed overseas; its shares trade on the London Stock Exchange Alternate Investment Market (AIM: KSK.L). KSK's portfolio of existing and future power generation assets is diversified across fuel types throughout India. The company has accumulated eight projects in operation or under construction, representing 875 megawatts of capacity. KSK's pipeline of future projects totals 3,200 megawatts and is expected to come on line by 2012.
India requires more than 100 gigawatts of additional power, which will need to be backed by investments of around US $200 billion, including transmission and distribution.
All of GE's global businesses are represented in India. With more than 14,500 employees in India, GE participates in a wide range of manufacturing, services and technology. It exports more than US $1 billion in products and services. Revenues from Indian operations have reached US $2.8 billion.
About GE Energy Financial Services
GE Energy Financial Services' 350 experts invest globally with a long-term view, backed by the best of GE's technical know-how and financial strength, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With US $16 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, USA, invests more than $5 billion annually in two of the world's most capital-intensive industries, energy and water.
For more information, visit: www.geenergyfinancialservices.com
About GE
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: www.ge.com
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Andy Katell
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