LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

After General Electric Warning, Railway Minister Piyush Goyal Says $2.6 Billion Rail Deal Still On

Railway Minister Piyush Goyal said his ministry has no plans to scrap a contract General Electric won in 2015 to supply Indian Railways with 1,000 diesel locomotives.

News18.com

Updated:September 28, 2017, 8:12 AM IST
facebookTwittergoogleskypewhatsapp
After General Electric Warning, Railway Minister Piyush Goyal Says $2.6 Billion Rail Deal Still On
File photo of Railway Minister Piyush Goyal. (PTI)
Loading...
New Delhi: India has no plans to close down its joint venture with General Electric, Railway Minister Piyush Goyal has said after the American conglomerate warned against changes to the joint venture.

"I am open to suggestions, including on the electrification of Railways. But that doesn't mean existing projects like the present General Electric project would stop,” Goyal said on Wednesday evening after meeting General Electric Vice-Chairman John Rice.

General Electric had won a $2.6 billion contract in 2015 to supply Indian Railways with 1,000 diesel locomotives. As per the deal, GE is to build a manufacturing facility in Bihar, and two maintenance sheds elsewhere in the country, to service the locomotives over 11 years.

The Economic Times had reported last week that the Railway Ministry told the company that it would not require diesel locomotives in the future and offered the American company an option to manufacture electric locomotives at its upcoming factory in Bihar.

“We have offered General Electric various options.... Even if they want to manufacture electric locos with some other company in a joint venture, they will be welcome to do so,” the Economic Times had quoted an official as saying.

In response, the GE has said that any changes to the existing deal would “undermine” the Narendra Modi government’s Make in India initiative.

Any changes to the joint venture will put future foreign investment at risk and cause the government to incur substantial costs, GE said in an emailed statement.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 391.70 -8.17
Reliance 1,184.05 4.37
Jet Airways 281.95 -1.17
Yes Bank 197.90 -1.79
HUL 1,744.90 -0.38
Company Price Change %Gain
Sun Pharma 391.85 -8.26
Reliance 1,183.20 4.36
ICICI Bank 371.90 -0.39
Jet Airways 282.10 -0.95
Yes Bank 197.65 -1.89
Top Gainers
Company Price Change %Gain
Reliance 1,184.45 4.41
Wipro 344.85 2.82
Kotak Mahindra 1,241.50 1.77
Hindalco 208.95 1.43
ONGC 146.95 1.34
Company Price Change %Gain
Reliance 1,183.20 4.36
Kotak Mahindra 1,238.45 1.50
ONGC 146.55 1.00
HCL Tech 962.60 0.82
Asian Paints 1,399.00 0.69
Top Losers
Company Price Change %Gain
Sun Pharma 392.45 -7.99
Bharti Airtel 311.55 -6.17
GAIL 322.80 -2.89
HPCL 239.35 -1.99
Larsen 1,319.60 -1.97
Company Price Change %Gain
Sun Pharma 391.85 -8.26
Bharti Airtel 311.85 -6.15
Larsen 1,319.50 -1.98
Yes Bank 197.60 -1.91
Axis Bank 664.50 -1.74

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results