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GE India CEO says scouting for acquisitions

GE India CEO says scouting for acquisitions
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First Published: Mon, Nov 15 2010. 05 15 PM IST
Updated: Mon, Nov 15 2010. 05 15 PM IST
New Delhi: General Electric Co’s Indian unit is looking to buy companies to grow its businesses in the rapidly expanding economy, its chief executive for India said on Monday.
“Mergers and acquisitions, we are always looking for that,” John Flannery told Reuters in an interview on the sidelines of the World Economic Forum’s India summit in New Delhi. “We would like to do that. That could be a sizeable number as well.”
Also Read | WEF India Economic Summit (Full Coverage)
GE, which makes goods ranging from jet engines to medical diagnostic equipment, generated sales in India of $2.6 billion in 2008 and employs about 13,000 people in the country. It expects its India revenue to grow 30% a year for the next several years.
“The (acquisition) opportunity for us is across the board. We have hired a team just for that specific activity,” he said, adding the company could do more than one acquisition in India and was looking at “small to medium” sized companies.
“There is always something in the harbour,” he said when asked if they are currently in talks for acquisitions.
GE is also looking to set up a new manufacturing plant in India in 2011. The plant would need investments of “tens of million dollars,” Flannery said, adding they would finalise the location of the plant in the next two months.
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First Published: Mon, Nov 15 2010. 05 15 PM IST