GE Energy eyes $1 bn revenues by 2010

Buoyed by recent reforms in the power sector in India, global power major GE Energy announced that it was targeting over $1 billion revenue from its Indian operation in the next five years. The $17.3-billion company is looking into areas of rural electrification, wind energy, nuclear, hydro energy and oil and gas areas.

Talking to reporters, president and CEO of GE Energy John Rice said that “India is at the beginning of an exciting growth cycle. As state governments begin to accelerate power sector reforms, we expect GE Energy to grow rapidly in India in view of the large investments being planned in the power sector and GE’s technological edge.”

Hoping that as many as 25,000 villages in India will be electrified by 2009, Rice said GE Energy can play a very important role in realising this goal. GE, he said, has one of the sophisticated technology for nuclear power plants and hence will encourage Indian and US governments to enter into dialogue for cooperation in this area.

GE Energy is operating in the power sector in partnership with various PSUs like BHEL and NTPC and also private companies like Reliance and Essar.