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.
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.
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.
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.
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
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.
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
Govt awaits GE, Bechtel response on DPC
GE Commercial Finance, which has an asset base of more than $230 billion globally, is planning to increase its exposure in the Indian market.
GE Money India said on Monday it is talking to big retailers including Bharti-Wal-Mart and Reliance for offering credit programmes such as the private label credit card it has provided to Tata Group.
GE Healthcare, a unit of General Electric Company, is eyeing $1-billion sales in the South Asian market over the next five-years, a top company official said.
US-based General Electric, which along with Bechtel controls 85 per cent stake in the beleaguered 2,184-MW Dabhol Power Company, is open to sell its equity but wants its claims to be settled first.
Applications are invited from young scientists for the 2011 GE & Science Prize for Young Life Scientists. Established in 1995, the prize recognizes outstanding young scientists from around the world who have completed their PhDs in the area of molecular biology during 2010.
GE is also bullish on India's power sector and has chalked out plans in electricity generation from various sources such as wind, solar, gas, etc.
Restarting Dabhol Power could face fresh hurdles with its two stakeholders, Bechtel and GE, demanding full recovery of their investment in the project, lying idle for more than 24 months now.
In a significant development, GE and Bechtel, minority share holders in Enron-promoted Dabhol Power Company, have agreed to extend unconditional support for restarting generation of power from the project, lying idle for over 20 months.\n\n\n\n
GE's India head reflects on his hits and misses and shares his plans to return soon.
'The die is cast. The wave is for her.' 'We will win this. The numbers are going to be higher than people are saying.' 'It is going to be more closer to Obama's numbers than Biden's numbers.'
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