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GE Energy to set up India office
By siliconindia
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Wednesday, 07 March 2007, 18:30 IST
Mumbai: GE Energy Financial Services, a unit of General Electric, is setting up its office in India to pursue investments in energy and water. Tejpreet Chopra, President and CEO, GE Commercial Financial India, said that the unit would function under his company. Chopra told Business Line that the office would have a dedicated team for the energy sector and will finance projects out of its own balance sheet. The unit would be located at existing Gurgaon office.
Chopra said that the head count has to rise up considerably by the year-end. The company said in a release that the unit will open an office during the second quarter of this year. Raghuveer Kurada, an energy investment professional, will head the unit. GE Energy Financial services has assets worth $13 billion and invests more than $5 billion annually the report said. The release further said that GE Energy Financial Services is lending 
75 crore (17 million) to Binani Cement Ltd. For construction of a 22.3 MW thermal power plant and associated common utilities in Sirohi in Rajasthan. It further said that power plant will facilitate Binani Cement, to meet its enhanced power requirement to expand annual production by April from 2.25 million tones. Binani Cement also plans to build another 22.3 MW plant. It is also proposing to offer public equity shares.
Colleen Harkness, Managing Director and head of Global Growth at GE Energy Financial Services, stated in the release, "For the Binani power plant, our finance will cut costs by nearly $4 million annually and provide a highly reliable electricity source. For GE, this sets the stage for our growth in India through investments in power projects addressing Indias growing industrial power requirements, including in the cement and steel industries, as well as in renewable energy, electric transmission and water."
The move is part of GE's initiative to generate more earnings from outside US by tapping into rapidly growing economies. In electricity alone India has remarkable potential, with requirements of more than 100 gigawatts, which will require investments of about $200 billion, including transmission and distribution according to the release.
75 crore (17 million) to Binani Cement Ltd. For construction of a 22.3 MW thermal power plant and associated common utilities in Sirohi in Rajasthan. It further said that power plant will facilitate Binani Cement, to meet its enhanced power requirement to expand annual production by April from 2.25 million tones. Binani Cement also plans to build another 22.3 MW plant. It is also proposing to offer public equity shares.
Colleen Harkness, Managing Director and head of Global Growth at GE Energy Financial Services, stated in the release, "For the Binani power plant, our finance will cut costs by nearly $4 million annually and provide a highly reliable electricity source. For GE, this sets the stage for our growth in India through investments in power projects addressing Indias growing industrial power requirements, including in the cement and steel industries, as well as in renewable energy, electric transmission and water."
The move is part of GE's initiative to generate more earnings from outside US by tapping into rapidly growing economies. In electricity alone India has remarkable potential, with requirements of more than 100 gigawatts, which will require investments of about $200 billion, including transmission and distribution according to the release.