GE Business Unit grows in India
NEW DELHI, INDIA - GE Energy Financial Services, a unit of GE, is reinforcing its foothold in India’s power market through KSK Power Venture Plc – a leading power project developer in India. GE has acquired approximately 26% of the equity in Sayi Power Energy Limited, KSK’s majority owner.
Additional financial details of the transaction were not disclosed.
“This transaction reinforces GE Energy Financial Services’ growth in India’s power market,” said Raghuveer Kurada, Managing Director of GE Energy Financial Services’ India operations. “KSK’s pioneering leadership in mid-sized captive power generation and access to dedicated low-cost fuel reserves creates opportunities for sizeable additional investment in new power projects in India. We will play a strategic role in helping KSK to carry out its growth plans.”
Earlier this year, GE Energy Financial Services made a debt investment in IndiaÂ’s captive power sector. GE Energy Financial Services lent US $17 million to Binani Cement Ltd. for construction of a 22.3-megawatt thermal power plant and associated common utilities in Sirohi, Rajasthan, in north India.
KSK, which develops and owns downstream energy assets throughout India, is the countryÂ’s first power generation company to be listed overseas; its shares trade on the London Stock Exchange Alternate Investment Market. KSKÂ’s portfolio of existing and future power generation assets is diversified across fuel types throughout India. The company has accumulated eight projects in operation or under construction, representing 875 megawatts of capacity. KSKÂ’s pipeline of future projects totals 3,200 megawatts and is expected to come on line by 2012.
India requires more than 100 gigawatts of additional power, which will need to be backed by investments of around US $200 billion, including transmission and distribution.
All of GE's global businesses are represented in India. With more than 14,500 employees in India, GE participates in a wide range of manufacturing, services and technology. It exports more than US $1 billion in products and services. Revenues from Indian operations have reached US $2.8 billion.
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