General Electric Company Chairman and CEO Jeff Immelt announced a U.S. $250 million investment in infrastructure and healthcare projects in India and said that GE intends to dramatically expand its industrial and financial presence in the country.
Immelt said, "India is a market set to realize its potential. The next 10 years are critically important for India in terms of infrastructure and economic development as the country progresses toward becoming one of the largest economies in the world. Success will require depth in areas where GE excels: infrastructure and technology."
Infrastructure projects are at the top of GE's agenda in India. In November 2005, GE announced it was reinvesting all of its proceeds from settlement of the Dabhol power project--valued at $145 million--in Indian infrastructure projects and in equity stakes of projects sponsored by GE's strategic customers. Immelt announced that GE is adding another $100 million to this GE India Development Fund.
GE will invest the Development Fund in technological solutions to help India address its most pressing needs. GE will be a partner in Dr. Naresh Trehan's Medicity project, a world-class Integrated Healthcare Facility in New Delhi. Beyond financial investment, GE will also provide end-to-end early disease prediction, diagnosis and monitoring tools like advanced medical diagnostics, Cathlabs, anaesthesia systems and partner in clinical research and education programs. GE Healthcare is focusing on educating and implementing an early health model, while developing and introducing new products designed to meet specific Indian needs--delivering easier, earlier and more accurate care in locations with limited access to hospitals.
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