Wednesday, July 25, 2007

GE to spend $8 billion for Indian Railways’ infrastructure

GE Corporation announced on Monday that could pump up to $8 billion within three years for infrastructure projects in India. GE is interested in modernising and expanding the Railways.

It has proposed providing assistance in areas like signaling, freight corridor and real estate development along stations. Most of the investment would be in areas like port development, warehouses, power plant equipment, and railways.

The Indian Railways' dedicated freight corridors will connect Mumbai to Delhi and Ludhiana to Kolkata, at a cost of around Rs100,000 crore.

GE Equipment said it had taken a 15 per cent stake in railway wagon manufacturer Titagarh Wagons, its first equity investment in the transport sector.

But several other foreign firms are vying for a slice of the Indian Railways' modernisation projects.
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