GE on Tuesday announced a $250 million investment in infrastructure and healthcare projects in India with the intention of rapidly growing its industrial and financial presence in the country.
"India is a market set to realize its potential,” said Jeff Immelt, GE’s chairman and CEO. “The next 10 years are critically important for India in terms of infrastructure and economic development as the country progresses toward becoming one of the largest economies in the world. Success will require depth in areas where GE excels: infrastructure and technology."
Infrastructure projects are GE's top priority. The company began its investment back in November when it announced the reinvestment of its proceeds from settlement of the Dabhol power project – valued at $145 million – in Indian infrastructure projects and in equity stakes of projects run by the company’s strategic customers. Immelt announced that GE is adding another $100 million to this GE India Development Fund.
GE will invest the Development Fund in technological solutions to help India address its most pressing needs, such as cleaner energy, clean water, aviation advances, and healthcare. Regarding healthcare, GE plans to partner in Dr. Naresh Trehan's Medicity project, a world-class Integrated Healthcare Facility in New Delhi. Beyond financial investment, GE also will provide end-to-end early disease prediction, diagnosis and monitoring tools like advanced medical diagnostics, cath labs, anesthesia systems and partner in clinical research and education programs.
GE Healthcare is focusing on educating and implementing an early health model, while developing and introducing new products designed to meet specific Indian needs – delivering easier, earlier and more accurate care in locations with limited access to hospitals, the company said.
Looking to the future, GE is focusing on developing new products designed to meet specific Indian needs. For example, the HF Advantage x-ray system was developed at the John F. Welch Technology Centre in Bangalore. The HF Advantage is designed as an affordable, general radiographic system providing high-quality images and diagnostic precision, while creating a safer imaging environment for patients and doctors with lower radiation doses. Another example is a hybrid technology model developed at the GE Global Research Center in Bangalore, which combines various forms of renewable energy to provide customized power solutions based on availability of local fuel resources. This is being used in GE's Rural Electrification Program in India.
The John F. Welch Technology Centre – a $80 million state-of-the-art facility that is home to 2,200 scientists, researchers and engineers – is uniquely positioned to help GE realize this goal. "We are privileged to have a terrific pool of scientists and technologists and we plan to unleash their talent for the benefit of India and GE in India," Immelt said.