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.
"The company plans big in three areas infrastructure, energy and aviation, but our main focus is to manufacture windmills and turbines," GE India President and CEO Tejpreet S Chopra told PTI. GE which installed first hydro power plant in 1902 presently has a headcount of 14,500 in India.
One hundred and fifty or so GE employees filled the seats for what promised to be a fun hour or so watching these two superstars, both at the tops of their games, kick around the business issues of the day.
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 Healthcare, a $15 billion segment of General Electric company, will continue to invest aggressively in India, where it's logging double digit growth, a top company official said on Friday.
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.
Iqbal Singh has been appointed as the new CEO and President of GE Money India. The company is also planning to induct a strategic partner in a few months.
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.
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.
US financial major GE Money is keen to enter the banking sector in India and is currently carrying out a feasibility study on "routes" to be adopted before approaching Reserve Bank for approval.
GE Commercial Finance will invest $63 million in the Indian IT Parks Fund, sponsored by Ascendas Pte Ltd.
Our 2013 profitability growth will be at double the revenue growth rate: John L Flannery
Jeffrey R Immelt, chairman and chief executive officer of GE kickstarted the initiative.
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.
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.
GE Money India is looking for a strategic partner to drive scale just as it did with the State Bank of India (SBI) for its card business. It is trying to replicate its card model in its joint venture with Wizard Home Loans, a non-banking finance company from Australia.
"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.
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.
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.
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.
India's IPR framework and enforcement were comparable to those in developed countries
GE, Alstom land $5.6 billion deals to supply Indian Railways
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.
