Financial Daily from THE HINDU group of publications
Tuesday, Nov 09, 2004
Financial Daily from THE HINDU group of publications Tuesday, Nov 09, 2004 |
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Corporate
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Outlook `Delayed resolution of Dabhol no impact on GE's plans for India' Our Bureau
New Delhi , Nov. 8 GENERAL Electric today said that delayed resolution of Dabhol had not affected the company's investment plans in India and mooted that National Thermal Power Corporation (NTPC) could be given responsibility to operate the plant on an interim basis. On whether the delayed resolution of Dabhol had frustrated GE's plans for India, Mr Scott R. Bayman, President and CEO of GE India, said, "It frustrates me to death but we believe this is the place we want to be... if you are a global company you have got to be in India." He said although Dabhol was a big bump on the road, it had not had any impact on the company's plans for investment in India. "I suggested that they let NTPC and Gas Authority of India Ltd take charge of the plant as the plant in running condition will fetch much better value," he said adding, "We will co-operate with NTPC or someone else to get this plant up and running on an interim basis and that offer remains on the table." GE's revenues in the country is currently estimated at about $1 billion (excluding GECIS), he said, adding the company expected to notch 15-18 per cent year-on-year growth.
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