The Hindu Business Line : GE Energy sets up office in India

Advertisement

Mumbai March 6 GE Energy Financial Services, a unit of General Electric, is setting up its office in India to pursue investments in energy and water.

Mr Tejpreet Chopra, President and CEO, GE Commercial Finance India, said that the unit will function under his company.

Speaking to Business Line on Tuesday, Mr Chopra said that the office would have a dedicated team for the energy sector and will finance projects out of its own balance sheet.

The unit would be located at the existing Gurgaon office.

Headcount

The head count would be ramped up significantly by the end of the year, Mr Chopra said.

In a release, the company said that the unit will open an office during the second quarter of this year.

Mr Raghuveer Kurada, an energy investment professional, will head the unit.

GE Energy Financial Services has $13 billion in assets and invests more than $5 billion annually, the release said.

The release said that GE Energy Financial Services is lending Rs 75 crore ($17 million) to Binani Cement Ltd for construction of a 22.3 MW thermal power plant and associated common utilities in Sirohi in Rajasthan, the release said.

"For the Binani power plant, our finance will cut costs by nearly $4 million annually and provide a highly reliable electricity source," said Ms Colleen Harkness, Managing Director and head of Global Growth at GE Energy Financial Services, in the release.

"For GE, this sets the stage for our growth in India through investments in power projects addressing India's growing industrial power requirements, including in the cement and steel industries, as well as in renewable energy, electric transmission and water."

The release also said that power plant will enable Binani Cement, a subsidiary of Binani Industries, to meet its enhanced power requirement to expand annual production by April from 2.25 million tonnes to 5.3 million tonnes.

Binani Cement also plans to build another 22.3 MW plant. Besides, it is proposing a public equity shares offer, the release said.

The move is part of GE's initiative to generate more earnings from outside the US by tapping into rapidly growing economies.

In electricity alone India has tremendous potential, with requirements of more than 100 gigawatts, which will require investments of around $200 billion, including transmission and distribution, the release said.

More Stories on : New Projects | Financial Services | Power

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page