GE to spend $8 billion for Indian Railways' infrastructure
By Our Corporate Bureau | 24 Jul 2007
MNC giant GE Corporation announced on Monday that the company could pump up to $8 billion within three years for infrastructure projects in India. GE is interested in modernising and expanding the Railways.
It has proposed providing assistance in areas like signaling, freight corridor and real estate development along stations. Most of the investment would be in areas like port development, warehouses, power plant equipment, and railways.
The Indian Railways' dedicated freight corridors will connect Mumbai to Delhi, and Ludhiana to Kolkata, at a cost of around Rs 100,000 crore.
GE Equipment said it had taken a 15 per cent stake in railway wagon manufacturer Titagarh Wagons, its first equity investment in the transport sector.
But several other foreign firms are vying for a slice of the Indian Railways' modernisation projects.
French rail transport equipment company Alstom recently said it was keen to be a part of railways' development and its representatives had also met railways minister Lalu Prasad Yadav on the issue.