News: GE plans to set up Indian real estate fund
(TNN 25/11/2006) Ahmedabad - GE India is planning to invest in a big way in real estate funds and may even consider setting up its own real estate fund in the country. It is also hoping to have its own bank in India by ’10.
“GE is bullish on India’s real estate market and has plans to invest in a big way in funds being set up for this sector,” said GE India president & CEO Scott Bayman at IIM-A’s annual festival, Confluence, on Friday.
It will also expand in a big way the network of its financial services company, GE Consumer Finance, better known to consumers as GE Money. It will grow in credit cards, home loans, personal loans and life insurance.
With its partner, State Bank of India, GE is a leading provider of credit cards, with over 2.5million customers. It plans to add 250 new GE Money retail branches over the next three years.
“GE India is targeting a compounded annual growth rate of 45% and by ’10 the revenues should be $8 billion,” said Mr Bayman. All of GE’s businesses will grow, but infrastructure will perhaps be the biggest contributor,” said Mr Bayman.
GE is one of the world’s leading providers of fundamental technologies to developing countries, including energy, oil and gas, and water process technologies.
“The restructuring of electricity boards would help in a big way to grow the power sector in the country,” he added. In the late 1980s, when most of the world viewed India pessimistically, GE felt there was a potential in this country. So, it entered India with its medical systems and finance businesses, he added.
“GE is bullish on India’s real estate market and has plans to invest in a big way in funds being set up for this sector,” said GE India president & CEO Scott Bayman at IIM-A’s annual festival, Confluence, on Friday.
It will also expand in a big way the network of its financial services company, GE Consumer Finance, better known to consumers as GE Money. It will grow in credit cards, home loans, personal loans and life insurance.
With its partner, State Bank of India, GE is a leading provider of credit cards, with over 2.5million customers. It plans to add 250 new GE Money retail branches over the next three years.
“GE India is targeting a compounded annual growth rate of 45% and by ’10 the revenues should be $8 billion,” said Mr Bayman. All of GE’s businesses will grow, but infrastructure will perhaps be the biggest contributor,” said Mr Bayman.
GE is one of the world’s leading providers of fundamental technologies to developing countries, including energy, oil and gas, and water process technologies.
“The restructuring of electricity boards would help in a big way to grow the power sector in the country,” he added. In the late 1980s, when most of the world viewed India pessimistically, GE felt there was a potential in this country. So, it entered India with its medical systems and finance businesses, he added.
posted by InCar Group Press Room at 13:32
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