General Electric, the $152-billion American technology, media and financial services behemoth, on Friday indicated that it would continue to increase investments in India and was targetting revenues of $5 billion from India by 2010.
GE's Indian turnover hovers around $800 million today and it has been in the country since 1902.
Addressing a press conference in Mumbai, India's financial services capital, Jeffrey Immelt, chairman and chief executive officer, GE, said that for GE this was the third phase of its India story.
"We have invested in research and development, software and BPO in India. All three of them have been spectacularly successful," Immelt said.
He said India is on the threshold of a strong growth cycle with consumer spending increasing at a rapid pace and people seeking better quality of life.
"GE is in a position to contribute significantly to India's economic growth," he said.
"GE's best opportunities are in the areas of advanced materials, energy, healthcare, financial services, security and water treatment. As India looks to fulfill its growing demands, there will be 'One GE' with solutions delivered under one platform as a single value proposition that realise the value and power of GE's businesses and technologies," he said.
Immelt indicated that GE was all for restarting the stalled Dabhol power project but admitted that ". . . although Dabhol was not a success for us financially, business means taking risks. We are a long-term company in India," he said.
The GE head honcho also indicated that the company would not look at acquisitions in the financial services space in India and would prefer to grow the organic route in India.
"We will wait for reforms to happen. We will start from scratch. We believe in growing organically and consumer finance is a great place to be in, in India," Immelt said.
Immelt expects India to be one of the fastest growing countries in the world. GE, he said, intended to bid on every new project that came up in the country.
"My intent is to bid on every new project and be a financial participant in almost all projects alongside offering our technology," he said.
On the issue of strong opposition to the issue of outsourcing in the United States, Immelt said, "We try to be competitive, try to support customers and have compassion for workforces globally. By and large I am convinced that American customers and companies have benefited from globalisation. We are focussed on winning and being competitive."
GE CEO Jeffrey Immelt in Mumbai on Friday. Photograph: Jewella C Miranda
