Sets up $145 million India Development Fund
New Delhi, Thursday, November 10, 2005: To support its commitment to India, GE recently established the India Development Fund. The fund is part of GE's strategy to more than triple its revenues in India in 3 years - from US$ 0.8 billion in 2004 to US$ 3 billion by 2008.
Following the 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, GE, through the fund, plans to return the full amount of US$ 145 million it received in the form of investments with its key customers.
Launching the India Development Fund, Scott R Bayman, President and CEO, GE in India, said, "The GE India Development Fund is a reaffirmation of our commitment to India as we reinvest the money received in settlement of our claims related to the Dabhol Power Project. We believed in India then, and we believe in India today. In our view, India is a rising star, and GE is at the beginning of a growth cycle here. We firmly believe that the breadth and diversity of GE and in particular the products and services offered by GE Infrastructure can play an important role in helping address many of India's priorities."
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, and the demand for new and upgraded airports all offer opportunities to businesses such as GE Commercial Finance, Security and Aircraft Engines. The company is excited by the renewed interest in power generation. GE also sees major opportunities for its Healthcare, Consumer & Industrial, Security and Water & Process Technologies businesses to support India's emerging needs.
Mr. Bayman added, "The GE India Development Fund allows us to make investments in projects developed by GE's strategic customers as we deepen and broaden our relationships with them. The businesses that make up GE Infrastructure are particularly well suited to support the growth of our customers and India. Many of these investments will fall under our 'At the Customer, For the Customer' initiative where we transfer several of GE's best business practices such as Six Sigma execution to empower and increase the operating effectiveness and efficiencies of our customers."
GE recently set up a Corporate Growth Team headed by Anil Chawla. This team will be working with all of GE's businesses in India to invest appropriately in the Indian economy.
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 Infrastructure, GE Industrial, GE Commercial Financial Services, GE Healthcare, GE Consumer Finance 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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