JV Provides High-Tech Solution to Power Equipment Manufacturing, Underscores GE’s Commitment to India
NEW DELHI, INDIA—April, 2010—GE Oil & Gas, through one if its affiliates, and Triveni Engineering & Industries Limited (Triveni) have signed a joint venture (JV) agreement to design, manufacture, supply, sell and service advanced technology steam turbines in India in the above 30 to 100 MW range for power generation applications in the Indian and worldwide markets.
GE Triveni Limited, which will be incorporated in India and headquartered in Bangalore, will manufacture advanced technology steam turbines in India for both domestic customers and export to global markets. The JV, which will benefit from a full technology transfer and on-going R&D support from GE, will use Triveni’s Bangalore facility for turbine manufacturing.
Speaking at today’s signing ceremony, John Flannery, president and CEO, GE India said: “Triveni is a key contributor to the continued growth of India’s economy. Our strategic alliance reflects GE’s continued commitment to India and strengthens our local market presence through technology transfer, the creation of local employment opportunities and continued investment in skills development and training. The JV also is a great example of the decentralized ‘reverse innovation’ approach that enables GE to rapidly accelerate growth by driving best value innovation outwards from developing countries to global markets.”
Signing the agreement for GE, Joe Mastrangelo, vice president—turbomachinery, GE Oil & Gas said: “Triveni is a terrific partner for GE, particularly given its cultural fit with GE Oil & Gas, excellent supply-chain and established presence in India. Our high-tech partnership will build on our combined engineering expertise, offering customers worldwide a high quality, optimum efficiency and best-value power generation solution.”
Dhruv M. Sawhney, chairman and managing director, Triveni Engineering & Industries Ltd, said: “This is a vote of confidence in Indian manufacturing and great news for Bangalore, where the JV and Triveni’s facilities are based. With our manufacturing capabilities as a springboard, GE’s world-class engineering, global footprint and brand recognition will be critical to the success of the partnership. I believe this is a big step forward in Triveni’s business development plans, and we are immensely proud and privileged that GE has chosen us as its partner.”
The transaction is expected to close in the next few months, subject to required consents and regulatory approvals.
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