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GE Equipment Services commits investment in Bengal

GE Equipment Services commits investment in Bengal
PTI
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First Published: Tue, Sep 04 2007. 12 08 PM IST
Updated: Tue, Sep 04 2007. 12 08 PM IST
Kolkata: GE Equipment Services (GEES), a logistics arm of global conglomerate General Electricals (GE), on 4 September said it has invested Rs150 crore in Titagarh Wagons Ltd (TWL) and would pump in more funds in West Bengal in the infrastructure sector.
The global president and CEO Alan Juliano said that the company was interested to invest in the infrastructure sector like deep sea port, railway freight corridor, transport hub and the healthcare sector.
“GE as a group will invest $8 billion over the next three years in India and a substantial amount will be in West Bengal,” Juliano said without divulging further details.
GEES picked up 15% equity in railway wagon maker TWL in July. This is the first equity investment by GE in the Indian transport sector and is aimed at tapping the vast potential in the country’s logistics business.
GE would provide financing, designing, fleet management and other services to TWL as part of an agreement between the two companies, GEES India president Dhananjay Nalawade had said earlier.
The TWL-GE combine also planned to start wagon leasing facility for the Indian Railways if the government permitted it.
TWL Managing Director Umesh Chowdhary said the company planned to dilute about 12-15 per cent equity through a proposed pubic offer through which it expected to mop up about Rs 100 crore.
Juliano and four of his officials were here to meet Chief Minister Buddhadeb Bhattacharjee and Industry minister Nirupam Sen.
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First Published: Tue, Sep 04 2007. 12 08 PM IST