GE to invest USD 200 mn to set up manufacturing facility

GE to invest USD 200 mn to set up manufacturing facility

"Initially we would invest USD 50 million for setting up the manufacturing facility... total investment will be USD 200 million, including after expansion, and the company will take a call in the next 3-6 months," GE Chairman and CEO Jeffery R Immelt said.

"Within the next quarter or 90 days we would announce the facility and the construction work would start in the second quarter (July-September)," he said without divulging details of locations that the company has shortlisted for the facility.

The manufacturing facility for which the company aims to hire over 3,000 people would focus on equipment for the energy sector besides aviation and health areas.

"Our energy business would be the principle user of the facility... it would create upward of 3,000 jobs," he added.

At present, GE has a workforce of 6,300 in the company's manufacturing business in the US which would be over 8,000 by the end of 2011 as the company would be adding up to 2000 workers more.

Not only the energy space, GE is also bullish on the locomotive manufacturing in India.
"We want to have a deep-rooted locomotive manufacturing base in India," he said, adding that the "pace of decision making" is affecting the business here.

GE has been planning to enter the locomotive manufacturing space here for the past decade but has not been able to make a breakthrough.

"It has been frustrating, it has taken so long... but we are still hopeful that someday we would be able to manufacture locos here," Immelt added.

GE has been a long-term local player in transportation, energy, healthcare and financial services.

The company has a significant footprint across key locations in the country, with technology centres at Hyderabad and Bangalore. GE employs over 12,000 people in India.