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US-based manufacturing conglomerate General Electric (GE) is planing second phase of expansion in Chakan. Prime Minister Narendra Modi today inaugurated GE's multi-modal manufacturing facility at Chakan, Pune. The facility will manufacture a range of diversified products for sectors like energy, aviation, oil and gas transportation. Modi urged global investors to tap opportunities for defence manufacturing in India.
Inaugurating GE's multi-modal manufacturing facility at Chakan, Pune, the Prime Minister Narendra Modi said, " There were immense possibilities for manufacturing in India. India's demographic dividend was a magnet to attract investment. The Government was working towards creating a skilled talented workforce which would attract the world to India. The world is taking note of India's GDP growth, which has risen to 7.4 per cent The experts are now describing India as the fastest growing economy in the world."
He said that the 21st century would be Asia's century, with India playing a key role in it. The Government was working towards predictability in policies and laws, that would boost confidence of investors.
Modi added, "The railways can become Indian economy's driving force. We want India's railway sector to develop, get more technology, give speed and make it the driving force of our economy."
In total, GE has invested Rs 1200 crore for this facility. In the second phase of expansion it will invest around Rs 400 crore. Over 1500 people will get direct employment in through this venture. Currently, GE has 450 people working in Chakan facility. This GE's first ever kind of facility in the world which caters to multiple products manufacturing. The company has acquired 68 acres of land in Chakan for this plant. The MoU for the plant was signed with the state Government in 2013. According to GE, this is the first of its kind facility of the company in the world with centre of excellence (CoE).
"This is the time for phase II and we will be investing additional capacity to support our aviation, rail and diesel engine requirements. The plant has come up at a time when the spotlight is on manufacturing and the Indian government's "Make in India" campaign, " said John Rice, vice chairman, GE. Modi had met GE's CEO Jeffrey R Immelt in September 2014 in the US where they discussed ways to further expand GE's presence in India.
Banmali Agarwala, president and CEO, South Asia, GE said, "We are very bullish on phase-II expansion of this facility. It will cater to sectors like oil and gas, aviation, water solutions and aerospace. However, there is no fixed timeline for this, the company is confident to grow in future. GE has been present in India since 1902, developing technology and products across the energy, health care, infrastructure and financial services sectors. We are closely associated with Hindustan Aeronautics Limited for aeropsace solutions for fighter planes."
The Prime Minister congratulated GE for the state of the art manufacturing facility they had set up, and welcomed GE's announcement for further investment.
Modi invites GE to manufacture ships
Modi invited GE to manufacture ships in India as part of the government's "Make in India" campaign. "India offers immense opportunities for the ship-building sector. India has huge potential in ship building and the steel manufacturing industry. India is in a position to export defence equipment to other third world countries at cheaper-than-expected rates," Prime Minister said.
BS Reporter
