Financial Daily from THE HINDU group of publications
Friday, Nov 11, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 11, 2005 |
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Corporate
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Announcements GE to reinvest Dabhol proceeds in Indian infrastructure projects Our Bureau
New Delhi , Nov. 10 GE, a diversified technology and financial services firm, said on Thursday that it would reinvest in major Indian infrastructure projects the $145 million in proceeds it received from the settlement of disputes relating to the Dabhol power project. The company has established a fund called the India Development Fund with the $145-million corpus, to be used for investment in projects developed by GE's "strategic customers as we deepen and broaden our relationships with them", it said in a statement. The India Development Fund is "part of GE's strategy to more than triple its revenues in India in three years — from $800 million in 2004 to $3 billion by 2008," the company said. "In our view, India is a rising star and GE is at the beginning of a growth cycle here. We would be looking to invest in infrastructure sectors, which could include energy, power projects, water treatment, SEZs, healthcare and even airport expansion. We would participate with our key clients on financing projects in these areas. This would generally be through equity or could include other type of financing as well," Mr Scott R. Bayman, President and CEO of GE in India, told Business Line. GE said the emergence of low-cost airlines, the introduction of the open-skies policy, the growing number of airline passengers and demand for new and upgraded airports offer new opportunities for its businesses, such as GE Commercial Finance, Security and Aircraft Engines, in India. "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. 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," Mr Bayman said. GE recently set up a Corporate Growth Team headed by Mr Anil Chawla. This team will be working with all of GE's businesses in India to invest appropriately in the Indian economy. GE received $145 million in settlements from disputes with the Indian government, the Maharashtra Government and its entities, and the domestic creditors of the Dabhol power project.
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