General Electric plans to invest close to $50 million in India to set up a multi-modal manufacturing plant that will be used by its various businesses in the domestic market.
General Electric (GE) plans to invest close to $50 million in India to set up a multi-modal manufacturing plant that will be used by its various businesses in the domestic market.
John L Flannery, president and CEO of GE India, said the US company had not yet decided on the location of the facility but the due diligence for a suitable site was currently on. “We have not yet decided on site of the plant,” he said.
The company, whose business in India is spread across electric products, aviation, healthcare, transportation, water, energy, capital and others, has three manufacturing facilities in India - two under Wipro GE Healthcare and one under GE Healthcare.
The company was also exploring the possibility of entering into the nuclear power business in India.
Flannery said the company was watching the market would launch its nuclear power whenever the market was ready for it.
The company has invested around $175 million in its R&D facility over the last ten years.
Besides investing in the new production facility, the company is also looking at hiring 3,000 people over the next three years for its Indian Technology Centre, which will take up its total headcount to 8000. The company’s 1.1-million square feet R&D centre in India, which is its largest outside India, has filed more than 1,000 patents. Of these, it has been granted approval for over 140 patents.
Sanjay M Correa, vice-president and managing director of GE India Technology Centre, said the company’s Indian R&D centre was currently working on key technologies that would help roll out tens of products in areas such as healthcare and energy, including one on producing electricity, and generators using bio-mass, high-density batteries, hybrid locomotives, thin-film solar and digital pathology, in the coming months.
GE India, which employs 12,000 people across India, had billings of $1.6 billion in 2009, comprising local sales, exports and joint venture revenues.
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