CAPTION Expanding in India in Global Growth Drive, GE Unit Funds Power Plant for India's Booming Cement Industry, Plans First Office in Country.SIROHI, India & STAMFORD, Conn. -- Please replace the caption with the accompanying corrected caption. The release reads: EXPANDING IN INDIA IN GLOBAL GROWTH DRIVE, GE UNIT FUNDS POWER PLANT FOR INDIA'S BOOMING CEMENT INDUSTRY, PLANS FIRST OFFICE IN COUNTRY As part of its global growth drive, GE Energy Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , a unit of General Electric (NYSE NYSE See: New York Stock Exchange : GE), announced today that it 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. The moves are part of GE's initiative to generate more of its earnings from outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by tapping into fast-growing economies. Building on a 10-year record of emerging markets investments totaling US$ 1 billion, GE Energy Financial Services is lending INR INR In currencies, this is the abbreviation for the Indian Rupee. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 75 Crores (US$ 17 million) to Binani Cement Ltd. for construction of a 22.3-megawatt thermal power plant and associated common utilities in Sirohi, Rajasthan, in north India Introduction Northern India is a geographic and linguistic-cultural region of India which approximately corresponds to the northern region of the Indian subcontinent. . This will enable Binani Cement, a subsidiary of Binani Industries Ltd., to meet its enhanced power requirement to expand cement production by April of this year from 2.25 million metric tons to 5.3 million tons annually. Binani Cement also plans to build a second 22.3-megawatt power plant. Binani Cement is proposing a public equity shares offer. India's cement consumption, the world's second largest after China, is growing at 9 percent annually, because of a boom in housing and infrastructure construction. Alex Urquhart, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE Energy Financial Services, sees the investment in Binani Cement as just the beginning of a broader, global investing strategy. "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 East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. ," he said. Added Colleen Harkness, Managing Director and head of Global Growth at GE Energy Financial Services: "For Binani, the power plant we're helping finance will cut costs by nearly US$ 4 million annually and provide a highly reliable electricity source. For GE, this sets the stage for our growth in India through investments in power projects addressing India's growing industrial power requirements, including in the cement and steel industries, as well as in renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. , electric transmission and water." To penetrate the India market, GE Energy Financial Services began operations in New Delhi New Delhi (dĕl`ē), city (1991 pop. 294,149), capital of India and of Delhi state, N central India, on the right bank of the Yamuna River. last fall, and will open an office there during the second quarter of this year, to be headed by Raghuveer Kurada, an energy investment professional. In electric power alone, India has tremendous potential, with requirements of more than 100 gigawatts, which will require investments of around US$ 200 billion, including transmission and distribution. About GE Energy Financial Services GE Energy Financial Services' 300 experts invest globally with a long-term view, backed by the best of GE's technical know-how and financial strength, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With US$ 13 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , invests more than US$ 5 billion annually in two of the world's most capital-intensive industries, energy and water. More information: www.geenergyfinancialservices.com. About GE GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, , GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : CAPTION FOR ACCOMPANYING PHOTO -- GE Energy Financial Services is financing the construction of a power plant for an Indian cement company and setting up its first office in the country to pursue additional energy and water investments. GE Energy Financial Services is lending INR 75 Crores (US$ 17 million) to Binani Cement Ltd., whose operations shown here, are based in Sirohi, Rajasthan. |
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