Wednesday, September 09, 2009

GE technology unit seeks China partners for rail, wind projects

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General Electric Co. is seeking to secure Chinese business partners for its technology infrastructure unit, as it moves to increase its role for both rail and wind power business in the world’s most populous nation.

“We are always looking for partnership opportunities invarious configurations in China,” said GE Technology Infrastructure China President Tim Schweikert. GE is open to making wholly owned investments for assets or in acquiring stakes in Chinese companies to grow a business sector, Schwikert said.

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Even a modest presence in China’s rail market could boost Fairfield, Conn.-based GE’s bottom line. China is committing 700 billion yuan (roughly $100 billion) per year in each of the next three years on rail infrastructure, roughly 17.5% of its overall economic stimulus package, to promote growth and ease transport bottlenecks. It hopes to have upgraded or put in place 86,000 kilometers (53,320 miles) of rail by year-end, expanding to 110,000 kilometers (68,200 miles) by 2012.