GE said Monday it has been awarded a contract from India’s Ministry of Railways to develop and supply 1,000 diesel locomotives for Indian Railways.
GE said the contract is worth approximately $2.6 billion over 11 years. As part of the deal, GE said it will invest $200 million to build a locomotive manufacturing facility in the state of Bihar.
This is the largest deal that GE has ever made in the 100 years it has been working with India. The goal is to develop the nation’s railway modernization efforts as well as offer skill development opportunities for people from the local area.
“This infrastructure project is further evidence of India’s position as a growth engine for Asia,” GE Chairman and CEO
Jeff Immelt
said. “It is a major advancement and milestone for India and for GE, and a symbol of our commitment and support of the ‘Make in India’ initiative.”
The deal also supports the nation’s position as a worldwide manufacturing destination market.
“This project combines GE’s deep infrastructure and manufacturing expertise with India’s growth priorities. This is an exciting and integral part of our localization strategy in India,” GE Transportation CEO Jamie Miller
said. “We are excited about working with Indian Railways and continuing to invest in the region.”
