GE clinches US$2.6b Indian railway contract

New Delhi

GENERAL Electric Co has won a US$2.6 billion contract to supply India's railways with 1,000 diesel locomotives, as the state-owned network looks to foreign capital to help it modernise.

The US company will also invest US$200 million to build local manufacturing and service facilities, GE said in a statement on Monday. "In most of our growth markets, localisation is typically a key part of any infrastructure deal we do," Jamie Miller, chief executive officer of GE Transportation, said.