FAIRFIELD: General Electric Co. is financing the construction of a power plant for an Indian cement company and will set up its first office in the country to pursue additional energy and water investments.
GE Energy Financial Services is lending $17 million (Rs 75 crore) to Binani Cement Ltd. for construction of a 22.3-megawatt thermal power plant in Sirohi, Rajasthan, North India, to expand cement production. Binani Cement also plans to build a second 22.3-megawatt power plant.
The moves are part of GE’s initiative to generate more of its earnings from outside the United States by tapping into fast-growing economies. India’s cement consumption, the world’s second largest after China, is growing at 9% annually, because of a boom in housing and infrastructure construction.
“India is a launching pad for our global growth, a platform to expand and serve customers in other key markets such as the Middle East and East Asia,” said Alex Urquhart, president and chief executive of GE Energy Financial Services, based in Stamford.
India has tremendous potential for electricity, requiring investments of around $200 billion, including transmission and distribution, GE officials said.