The Wall Street Journal writes that US based General Electric (GE) had won a bid for a $2.6 billion deal with India’s state-owned rail company to supply and service 1,000 diesel locomotives as the country works to improve its infrastructure and boost manufacturing.
The U.S. company will also invest $200-million to build local manufacturing and service facilities, GE said in a statement on Monday.
“In most of our growth markets, localization is typically a key part of any infrastructure deal we do,” Jamie Miller, chief executive officer of GE Transportation, told Reuters.
The contract is also one of first and largest to be awarded to a foreign firm since India last year allowed 100 per cent foreign direct investment in some parts of its railways, and comes as New Delhi embarks on a huge modernization program to overhaul its vast but dilapidated network.
GE won against competition from rival manufacturers such as Canada’s Bombardier and Germany’s Siemens. India is growing and is ready for industrial revolution, they are set to announce the winner of another multi-billion dollar contract to supply electric locomotives.
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Source NEW DELHI — Reuters, Published