Defence Minister Manohar Parrikar says global aircraft makers will have to get approval from their own governments to transfer technology and build jets in India.
GE Consumer Finance, the global consumer-lending unit of the General Electric Company, will foray into banking in India in the next 18 months, a top executive of the company said on Thursday.
GE Aviation has signed a 20-year engine maintenance agreement with Air India. The agreement covers the maintenance, repair and overhaul (MRO) of GE90 aircraft engines.
GE had also lined up aggressive investment plans for roads, airports, ports and real estate sectors.
Godrej-GE Appliances which sold a faulty refrigerator has been held guilty of deficiency in service by a Delhi consumer court.
GE India, the $2.8 billion industrial giant, plans to invest $6 billion till 2015 in medical systems, services and IT tailor-made for rural India. Also, GE, the parent company, is looking at making India the sourcing hub for aerospace parts and healthcare products and is in the process of developing a supply chain for this.
GE Healthcare has already filed five global patents for its design.
"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.
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.
'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.'
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.
Our 2013 profitability growth will be at double the revenue growth rate: John L Flannery
GE Commercial Finance will invest $63 million in the Indian IT Parks Fund, sponsored by Ascendas Pte Ltd.
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.
The government is planning to tweak its procurement policy to give a fillip to domestic manufacturing. The industry department has floated a proposal to raise the minimum local content requirement for public procurement for Class-I and -II suppliers from 50 per cent currently to 70 per cent, and 20 per cent as of now to 50 per cent, respectively.
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.
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.
Investment banking sources said Reliance had made its desire clear to be a global petrochemicals major.
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