New Delhi: GE Commercial Finance today announced that it has invested $22 million in infrastructure construction company Oriental Structural Engineers Private Limited (OSE). GE Commercial Finance is a wholly owned subsidiary of the globally diversified services, technology and manufacturing company, General Electric Company.
Established in 1972, OSE has considerable expertise in the construction of major roads, highways, and airport runways with plans to expand to railway development in the near future. The company has completed 106 infrastructure projects in India and was recently selected for three BOT projects by the National Highways Authority of India.
"We are pleased to partner in OSE's growth and further our commitment to infrastructure development in India. This is a strategic investment for GE and is indicative of our commitment to play a substantial role in this space," said Vicky Bindra, president and CEO, GE Commercial Finance India.
Representing a major growth focus for the company, GE Commercial Finance launched its India Infrastructure Finance Imagination Breakthrough initiative earlier this year in support of the country's commitment to invest $350 billion in infrastructure projects over the next five years. The company offers businesses around the globe an extensive array of financial products and services. With more than $246 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow.
"GE's Innovation Breakthroughs represent some of the most significant growth opportunities for the company and we are committed to pursuing more opportunities in this area," added Bindra.
Kanwaljit Singh Bakshi, managing director, OSE, said, "We sincerely appreciate GE's partnership and its commitment to extending our growth capacity. We will benefit considerably from GE's proven expertise in both the infrastructure and financing sectors to help us achieve our goal to become a world- infrastructure company."
Part of Bakshi Enterprises, a Delhi-based industrial group with an annual turnover of $300 million. OSE's recent forays include BOT ventures and commercial mining, quarrying and crushing operations.