New Delhi, Tuesday, July 26, 2005: To support its growth targets in India, GE has set up a Corporate Growth Team that will help deliver on its strategy to more than triple its revenues in India in 3 years - from US$ 0.8 billion in 2004 to US$ 3 billion by 2008.
The Growth Team is being led by Anil Chawla, who spearheaded the GE Commercial Finance business to become the most profitable GE business in India, with over 25% CAGR. Anil Chawla joined GE as an Assistant Vice President with GE Capital in April 1996 and within 3 years, was promoted to Chief Executive Officer - Commercial Finance, India in 1999. He soon moved on to become Chief Executive Officer - Commercial Finance, India & South East Asia in March 2003, and established a major presence in the commercial finance markets in India and South East Asia.
Announcing the formation of the new Growth Team, Scott R Bayman, President and CEO, GE India said, "India is clearly one of the most exciting growth markets today. Many of India''s needs today are synergistic with several GE businesses. We want to leverage the breadth and diversity of what GE has to offer to make a compelling ''One GE' proposition that will help accelerate many of India''s priorities."
'One GE' is an enterprise-wide initiative by GE to deliver solutions to its customers under one platform made possible by the diversity and strength of GE's products and services.
Working in close partnership with the Government to accelerate its development priorities will be a focus area for the Growth Team. The team will work with the Central and State governments to identify areas for partnership.
GE, a diversified technology and financial services company, 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 opportunities to businesses such as GE Commercial Finance, Security, and Aircraft Engines.
Mr. Bayman said, "We see the Energy, Commercial Finance, GE Money, Transportation, and Advanced Materials businesses as growth drivers for GE in India. We also see major opportunities in the local market for products and services from the Healthcare, Consumer & Industrial, Security and Water & Process Technologies businesses of GE."
Mr. Chawla emphasized that his focus will be on offering the 'One GE' advantage to customers and the Government.
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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.
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.
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