General Electric (GE) bagged $2.6 billion deal from Indian Railways

General Electric (GE), US-based diversified infrastructure and financial services company (NYSE: GE) won $2.6bn worth of contract to supply 1,000 diesel locomotives to Indian Railways. State-owned rail network which is one of the largest in the world is looking for infusing foreign capital modernization.

As a part of deal, GE would invest $200 million to set up state-of-art local manufacturing and service facilities in India. As a part of 11-year period to service locomotives, the manufacturing facility would come up in eastern state of India, Bihar. While two maintenance sheds would be set up at other locations in the country.  

 

The Government of India is targeting to invest about $137 billion by 2020 to modernize and upgrade Indian Railways. It would help more than 23 million daily rail passengers as well as boost cargo movement via rail network.

GE won this prestigious and important contract beating Canada's Bombardier and Germany's Siemens. Soon, winner of multi billion contract to supply Electric Locomotives would be announced by Indian Railways.

Meghalaya to have first railway station soon