GE India hopes to achieve a turnover of $3 billion in the current year, a substantial increase over $1.9 billion in 2006.
“India is an important market for us and the growth in revenues will be driven by investments in infrastructure, healthcare and financial services,” GE India President and CEO T.S. Chopra said.
General Electric Company’s (GE) oil and gas business has signed an agreement with Triveni Engineering and Industries (Triveni) to enter the fast growing high speed reciprocating (HSR) compressor market in India.
The agreement would consist of an initial term of five years and involve the import of bare compressors from GE Oil & Gas’ Oshkosh, Wisconsin facility in the US.
Triveni would be engaged in engineering design, manufacturing and assembly for the package.
It would also procure drivers and all other components for packaging in India. It would be the customer's point of contact in India for both selling the packaged product and after-market sales and service.
Chopra said the US-based multinational would play a major role in the growth and development of India’s energy sector. “We have all critical products that will be involved in the growth of the energy sector here,” he said.
GE’s compressors are used across the oil and gas sector.
Triveni Chairman and Managing Director Dhruv M. Sawhney said the market for HSRs is expected to grow to around Rs 500 crore by 2009. “We expect to capture 25-30 per cent of the Indian market,” he added.
“Oil and gas is a big part of India’s infrastructure growth. Our agreement with Triveni is a key step in our localisation and partnership strategy which will enable us to serve our customers in-India-from-India,” GE Infrastructure India president and CEO Pratyush Kumar said.