Business OpportunitiesGE hopes to get at least one nuclear plant site
US-based General Electric is optimistic about gaining from the revival in India’s nuclear power generation plans after the signing of the India-US civil nuclear cooperation pact last year.
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“We (hope to) get at least one site (for a generation plant) and order to develop that site,” said Tejpreet S Chopra, national executive, GE India, on the sidelines of a conference at the India Economic Summit.
The 45-member Nuclear Suppliers Group (NSG) had agreed to lift a 34-year-old nuclear trade restriction on India in September last year, helping it to resume nuclear commerce with the rest of the world. The decision had renewed the interest of companies globally in India’s nuclear power generation space.
The NSG waiver is likely to help draw over $40 billion as foreign investment here over the next 10-15 years, according to industry estimates.
However, Chopra said the company had shed its earlier target of achieving revenues of $8 billion by 2010 from India. “We do not have that target anymore. There is so much uncertainty and volatility in the market,” he said.
Due to the global economic slowdown, said Chopra, the GE group has scaled down some of its businesses like unsecured consumer lending, and is pushing ahead with plans in sectors such as health care, defence and infrastructure.