GE has drawn up plans to make India a global sourcing hub for all its core businesses. It has decided to develop and manufacture products locally for global markets and partner in large-scale projects in areas such as energy, water, aviation and rail transport.
Banks are shying away from the unsecured lending market, thanks to the rising instances of defaults and recovery woes.The rate of growth in the personal loan portfolio of banks has dipped to 13.2 per cent to Rs 58,669 crore (Rs 586.69 billion) as on February 15, 2008, compared with 30.6 per cent in the same period last year, said the Reserve Bank of India in its 2007-08 report on Macroeconomic and Monetary Developments.
Jet Airways has placed a $300 million order with US aeroengine major GE for supplying engines to power the Mumbai-based airline's Airbus A 330-200 fleet.
GE India on Friday said it would invest nearly Rs 1,100 crore (USD 200 million) to set up a new manufacturing facility in Pune for developing products for the energy sector.
GE Commercial Finance will invest $63 million in the Indian IT Parks Fund, sponsored by Ascendas Pte Ltd.
In the first of its kind initiative, mobile handset major Motorola has tied up with GE Money for financing handsets.
Jeffrey R Immelt, chairman and chief executive officer of GE kickstarted the initiative.
Our 2013 profitability growth will be at double the revenue growth rate: John L Flannery
Price becomes a challenge in a country like India and, hence, we are trying to halve the cost and give higher outcome, says V Raja, CEO, GE Healthcare India.
It is not just the pink papers reporting that foreign financial entities (GE Money, Goldman Sachs and Merrill Lynch to name a few) are showing interest in Indian banking sector
GE is selling the shares to "an affiliate of a limited partner in one of Genapct's other shareholders," the companies said in statement. Genpact, one of India's largest business process outsourcing firms by revenue, started out in 1997 as the India-based BPO division of GE Capital.
GE India is embarking on a major localisation drive under which 60-70 per cent of the products that it sells will be manufactured in the country in the next five years. At present, the localisation is about 10 to 20 per cent.
"Initially we would invest $50 million for setting up the manufacturing facility... total investment will be $200 million, including after expansion, and the company will take a call in the next 3-6 months," GE Chairman and CEO Jeffery R Immelt said.
Like so many other MNCs, it is targeting emerging markets, of which India represents a major chunk, as a critical growth area. But India is also rapidly becoming a key geography where some of the innovative products to address the market at the bottom of the pyramid are being developed.
Investment banking sources said Reliance had made its desire clear to be a global petrochemicals major.
The facility, to come up on the public-private-partnership mode, will roll out 120 IGBT (insulated gate bipolar transistor) electric locos of 12,000 horse power every year.
To boost domestic manufacturing under the Make in India initiative and reduce dependency on imports, the government is expected to announce in the Budget an increase in the minimum local content requirement for public procurement, with certain sectors being granted exceptions. Currently, firms producing goods, services, or works with at least 50 per cent local content are classified as Class-I local suppliers and are preferred the most in government procurement.
GE India on Monday said it is targeting a topline of $8 billion from the Indian market by 2010 as it anticipates its revenues from the emerging markets to cross the $50 billion mark by then.
The agreement guarantees energy availability for GE's power generation equipment, improving the plant's production, and supply and repairs of spare parts. RGPPL, which owns the gas-based plant, was incorporated in 2005 to revive generation at the facility which had been beset by problems like equipment failure and a financial crunch.
Days before Diwali, the monthly economic review by the finance ministry has highlighted moderation in urban demand, softening consumer sentiments and limited footfall as areas that need to be watched. In its review, released on Monday, the ministry also noted the early signs of artificial intelligence displacing workers, as described in anecdotal reports. The commentary from several large consumer goods companies, including Nestl India, Hindustan Unilever, and ITC, in their recent quarterly earnings, has been around a sluggish urban demand. Rural consumption, however, has mostly seen a revival, the companies pointed out.
Tata group-owned Jaguar Land Rover (JLR) has secured a 170 million pounds (about $ 284 million) loan from GE Capital in a move to strengthen its financial position, media report says.
India's IPR framework and enforcement were comparable to those in developed countries
Six months into his new role, Vishal Wanchoo, president and chief executive officer, GE, South Asia, speaks to Jyoti Mukul about how its horizontal business lines of additives and digital are playing across its verticals.
The company's multi-modal, $200-million Pune manufacturing plant is expected to go on stream by mid-2014.
In India, GE expects to grow its business by 20-30 per cent this year. It aims to increase its energy business in the renewable energy segment to $250 million in 2012-13, from $100 million this year.
Acknowledging India's prowess in information technology, GE Aircraft Engines has said it intended to develop software for digital electronic control systems for helicopter engines in this country as part of its long-term strategy.
"L&T was looking to provide reliable control systems offering for the rapidly developing power generation sector in order to complete its electrical and automation suite," L&T President Operations and member of the board R N Mukhija said. As per the partnership agreement, GE Energy would provide its power plant main control system products to L&T, the company said in a filing to the Bombay Stock Exchange.
The Life Insurance Corporation of India is believed to be talking with GE Capital Services, the largest issuer of private label credit cards in the world, for a foray into credit cards.
General Electric on Wednesday unveiled plans to raise at least $15bn in capital through stock sales to Warren Buffett's Berkshire Hathaway and the public.
With warring parties thrashing out a settlement over Dabhol Power Company, multinational power majors GE and Bechtel on Tuesday
