GE India in strategic tie-up with Titagarh Wagons
Tuesday, 24 July 2007, 07:00 Hrs
New Delhi: GE Equipment Services, part of GE India, Monday announced a strategic tie-up with Indian wagon-maker Titagarh Wagons Ltd. (TWL) to develop and upgrade India's railway infrastructure. GE Equipment Services, which picked up 15 percent equity in Kolkata-based TWL, would also become its preferred provider of vendor financing. "This partnership would be a major step towards our efforts in increasing our footprint in India. We are going to make many such strategic partnerships and investments that would advance India's infrastructure," Dhananjay Nalawade, president of GE Equipment Services, told reporters here. Reiterating the company's vision to become a $8 billion entity by 2010, Nalawade said a major portion of the revenue would be contributed by the Equipment Services business. "Our alliance with GE is to offer innovative value added proposition to the ultimate customers," said Umesh Chowdhary, managing director, TWL. "We would also explore other business opportunities through this tie-up like exporting wagons to other countries where GE already has wagon fleets operating," Chowdhary added.