GE Announces $250 Million Infrastructure Investment in India

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."

Immelt also detailed the company's significant new financial services goals. "GE is bullish about the financial services sector in India and will invest as appropriate to grow its commercial and consumer financial services businesses," Immelt said. "We remain interested in entering the banking sector in India, in line with Reserve Bank of India guidelines."

Already a substantial real estate investor throughout Asia, GE is targeting India as one of the most attractive opportunities, having entered the country a year ago through a joint venture with the developer Ascendas.

GE also provides leasing and equipment financing in high-growth sectors such as construction, transportation, healthcare and information technology, and looks to substantially grow its portfolio by two-to-three times in the next three years.

India's rapidly growing economy requires significant additional power generation capacity and new water infrastructure, providing opportunities for financial investment by GE's Energy Financial Services unit.

GE Consumer Finance - known to consumers as "GE Money" - aims to double its revenue by 2010, continuing to invest aggressively in credit cards, home loans, personal loans, and life insurance. With its partner, State Bank of India, GE is a leading provider of credit cards, with over 2.5 million customers, offering products such as the historic Indian Railways Card and the first loyalty co-branded card with the TATA Group. The company also plans to add 250 new GE Money retail branches over the next three years.

"Improving quality of life - through education, healthcare, and improved water availability - while stimulating economic growth with power generation, energy independence, transportation and agriculture reform, is the right path and righteous path," Immelt concluded. "We are pleased to join India at the threshold of increased economic progress."