GE sets $8 billion sales target in Indian operations

Immelt — who succeeded Jack Welsh in $150 billion GE — said infrastructure will top GE’s agenda in India. In November 2005, GE had reinvested all of its proceeds from settlement of the Dabhol power project — valued at $145 million — in Indian infrastructure projects. ‘‘GE will be adding another $100 million to this GE India Development Fund,’’ he said. ‘‘We should not only make money in the region but also for the region’’.

The company had previously targeted $5 billion revenue by 2010. GE had said 60 per cent of revenue will come from outside the US, mainly from China and India in the next decade. That will become 70 per cent in 15 years, Immelt said.

Giving a comparison between India and China, Immelt said India must fix its macro picture while China should look into the micro picture. ‘‘When I land in China and go to the hotel, everything works there. Its cities are like Chicago or Los Angeles. But China is still getting used to the idea of making profits and its financial sector is still not open. Thus China’s macros picture is good,’’ he explained. In India, there are still some bottlenecks over infrastructure and bureaucracy, he said.

Giving details of GE’s India plans, Immelt said the company will partner in Dr Naresh Trehan’s Medicity project, a world-class healthcare facility in New Delhi.

On its financial services plans, Immelt said that GE will grow its India business organically ‘‘brick-by-brick’’. ‘‘We remain interested in entering the banking sector in India, in line with Reserve Bank of India guidelines’’.

On the energy projects, Immelt said his company will invest in additional projects to help meet India’s massive power needs. GE also hopes to work with India on nuclear energy technologies designed to meet growing energy demand.