CEO Jeff Immelt says the company is keen to invest much more in India and in projects to boost its infrastructure in various sectors. The announcement comes ahead of GE’s chairman and CEO Jeff Immelt’s visit to India later this month
Mumbai: General Electric Co. is looking to make further investments in India’s rail, power and healthcare sectors, the company said in a statement on Friday.
The announcement comes ahead of company chairman and chief executive officer (CEO) Jeff Immelt’s visit to India later this month. Investments in the country have doubled in the past five years to $3 billion, the company said.
“India is a growth engine for Asia, and we see huge potential for the country in the manufacturing space. Infrastructure is a key driver of India’s growth.
We are keen to invest much more in India and in projects to boost its infrastructure in sectors such as rail, power and healthcare. These efforts will have a ripple effect on the overall economic growth in India and beyond,” Immelt said in a statement on Friday.
The company said as part of its Make in India initiative, it has increased the levels of local sourcing by 20% for locomotives, 30% for power equipment and 15% for aviation. “India may soon become a global centre of excellence for certain components,” the company said.
GE is also looking to form a public-private partnership in Bihar, in line with the existing partnerships it has with seven states for healthcare. Earlier this year, the company announced a $200 million investment in its multi-modal manufacturing facility in Pune, Maharashtra.