GE Energy sets up office in India
By Our Corporate Bureau | 07 Mar 2007
Mumbai: GE Energy Financial Services, a unit of General Electric, is setting up its office in India to pursue investments in energy and water.
GE Energy Financial Services has $13 billion in assets and invests more than $5 billion annually, according to a release from the company.
The company said it is lending Rs 75 crore ($17 million) to Binani Cement for construction of a 22.3 MW thermal power plant and associated common utilities in Sirohi in Rajasthan. The company said, its finance for the Binani power plant will cut costs by nearly $4 million annually, and provide a highly reliable electricity source.
The release also said that power plant will enable Binani Cement, a subsidiary of Binani Industries, to meet its enhanced power requirement to expand annual production by April from 2.25 million tonnes to 5.3 million tonnes.
Binani Cement also plans to build another 22.3 MW plant. Besides, it is proposing a public equity shares offer, the release said.
The move is part of GE's initiative to generate more earnings from outside the US by tapping into rapidly growing economies.
