New Delhi, 30th May, 2005: Scott Bayman, President and CEO, GE India, today announced that GE Energy is joining a team from NTPC and BHEL to determine a course of action for restarting and completing the Dabhol Power Project (DPC).
As soon as arrangements are complete at the site, GE Energy will dispatch its engineers and technical advisors to examine GE supplied turbines and related equipment. Based on these evaluations and the findings of NTPC and BHEL related to the balance of the plant, a detailed work scope and schedule for the restart of phase 1 and completion of phase 2 will be established.
Mr. Bayman stated, "GE is pleased with the course of discussions with the various stakeholders in DPC and looks forward to a complete resolution of the outstanding issues." He further added, "We have always held that a fully producing plant is in the best interests of the people. We are keen to put Dabhol behind us, assist with bringing power to the people of Maharashtra and pursue our growth initiatives across a wide range of business sectors in the country."
The decision to join hands with NTPC and BHEL follows soon after the India visit of GE Chairman and CEO, Jeffrey R. Immelt. During his visit, Mr. Immelt met with the Prime Minister, and Ministers for Power, Finance and Commerce and Industry.
In his address to a gathering of CII in Delhi and at a press conference in Mumbai, Mr. Immelt made clear GE's interest in resolving the Dabhol issue. He said, "We are very keen to put people on the ground very quickly, and we can reach a closure with the government in the short term for GE. For us, it is not about money at all but about the future role in the project. The intention is to help re-start the plant, and we can play a major role in it."
Mr. Immelt also announced a target of $5bn in revenue in the Indian market by 2010.
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GE Energy is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenue of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries. With wind turbine design, manufacturing and assembly facilities in Germany, Spain and the United States, GE Energy's current wind energy portfolio includes wind turbines with rated outputs ranging from 1.5 to 3.6 megawatts, and support services ranging from project development assistance to operation and maintenance. The company's knowledge base includes the development and/or installation of more than 7,100 wind turbines with a total rated capacity of 5,600 megawatts.
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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