New Delhi, Nov. 13: General Electric (GE) India expects to garner a revenue of Rs 36,800 crore from the domestic market by 2010 and plans to hire 5,000 people more over the next two years for its R&D centre at Bangalore.
“With revenues from emerging markets expected to cross Rs 2,30,000 crore by 2010, GE India would be able to record sales in excess of Rs 13,800 crore in 2008, and reach the target of Rs 36,800 crore by 2010,” said Scott R. Bayman, president and chief executive officer of GE India.
“We have that in our line of sight,” said Scott. “Our profitability is good and our profits are growing faster than revenues.”
The US conglomerate with interests in media, financial services, IT and engineering said it would also invest Rs 1,150 crore in the domestic infrastructure sector and would double this investment in 2007.
GE also plans to double the staff at the John F. Welch Technology Centre in Bangalore by 2010, where the company currently has 13,000 employees.
The Bangalore centre is a multi-disciplinary research and development centre that expands GE’s research and development capabilities, accelerating the company’s delivery of advanced technology to its global customers.
Scott also said GE has identified India as one of the key players among emerging markets worldwide that would drive its growth in the next few years.
“We are at the crossroads of an important milestone for India as it takes the big leap to realise its ambition of a double-digit growth in GDP. This accelerated economic growth will require depth in areas where GE excels — infrastructure and technology,” he added.