GE in India, for India: US$8 Billion in Revenues and US$8 Billion in Assets in India by 2010
GE Chairman and CEO Jeff Immelt announced a US$250 million investment in infrastructure and healthcare projects in India and said that GE intends to dramatically expand its industrial and financial presence in the country. GE India is targeting $8 billion in revenues and $8 billion in assets in India by 2010. GE India had revenues of about $1.1 billion in 2005.
GE is expecting 60 percent of its revenue to come from outside the United States within a decade, particularly from China and India. GE expected sales in China to double to $10 billion by 2010.
Speaking to the Bombay Chamber of Commerce and Industry, Immelt said, "India is a market set to realize its potential. The next ten years are critically important for India in terms of infrastructure and economic development as the country progresses toward becoming one of the largest economies in the world. Success will require depth in areas where GE excels: infrastructure and technology."
Infrastructure projects are at the top of GE's agenda in India. In November 2005, GE announced it was reinvesting all of its proceeds from settlement of the Dabhol power project - valued at US$145 million - in Indian infrastructure projects and in equity stakes of projects sponsored by GE's strategic customers. Today, Immelt announced that GE is adding another $100 million to this GE India Development Fund.