General Electric (GE) has
announced that it would invest
$200 million towards setting up
an infrastructure equipment facility.
While the company has not disclosed
the plant location, it is learnt that GE
would hire over 3,000 people this year
for the new venture.
Reports suggest that $50 million
would be initially invested in building
a manufacturing facility, creating
3,000 new jobs. As the business
develops, the investment could go up
to $200 million. The new facility will
be multi-modal and multi-business,
which means that several businesses
of GE would share the location.
Finer details of the new project would
be announced over the next three
months, it is learnt. Construction on
the new facility, which will have a builtup
area of 4 lakh sqft initially, would
begin in the July-September quarter.
GE is also considering the option of
manufacturing some of the products
from its global product lines in the
manufacturing facility in India. A
decision on that is probably three to six
months away.
The expansion, said the Chairman,
would also depend on the company
being able to expand its locomotive
business in India. "Expansion of the
facility is contingent on a couple of
things we are studying right now.
One is the ability to make
components and engine parts for the
rail tender. So that decision is
concurrent with what happens in the
facility," Jeffrey R. Immelt,
Chairman, GE, was quoted saying.
While GE's energy business would
be the principal user of the facility, it
would be used for health and
aviation as well.