GE to convert two arms into wholly-owned subsidiaries

In what seems to be comprehensive restructuring of General Electric’s Indian operations, the company plans to convert its two arms in the country into wholly-owned subsidiaries, even as it will expand the activities of a third company, GE Power Controls India.

GE Mauritius plans to buy out the Indian partner in GE Plastics and GE Lighting and convert them into 100 per cent foreign owned arms. GE Pacific Mauritius plans to convert GE Plastics India into a wholly-owned subsidiary by buying out a little over 50,000 shares of the company held by the IPCL and GE International, sources said here on Tuesday.

GE Plastics India manufactures compounding line for alloys of engineering plastics. The company has also evinced interest in buying out the lone Indian resident shareholder in GE Lighting, again through GE Pacific (Mauritius), to control the lighting arm in India. The government is believed to have permitted GE to carry out these acquisitions. — (PTI)