GE targets $8B India sales by 2010

GE targets $8B India sales by 2010

By agencies   |   Wednesday, 31 May 2006, 07:00 Hrs
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MUMBAI: The GE is targeting $8 billion in revenues and also planned to invest $250 million in Indian infrastructure and healthcare projects in Asia's third-largest economy.

Chairman and Chief Executive Jeff Immelt, "The second big focus we are going to have is to dramatically increase the footprint in financial services in India, we believe it's a particularly good time to increase our financial services capability. We've got about $2 billion in assets today in our commercial and consumer finance business. We think we can quadruple that in the next four-five years.”

Immelt said he expected sales in China to double to $10 billion by 2010. GE has said 60 percent of its revenue would come from outside the United States within a decade, particularly from China and India.

He said, "In 1996, GE in both India and China was roughly the same size. The market hasn't grown in India the way it has grown in China, but we made just as much money because over that time we developed great capability. The initial market didn't work the way wanted it to, but we didn't cry and go home.”

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