the noose tightens, page-5

From the Bloomberg terminal - NDTV.com - Interview with Jeff Immelt

One of the world's largest firms GE is now eyeing one third of India's nuclear business. Making a strong case in favour of the company, its CEO Jeff Immelt told NDTV in an exclusive interview that he has lobbied hard to get the Indo-US nuclear deal cleared and now expects a fair share of business in return.

And to further strengthen Indo-American ties he feels the new American President should make India among his first stops after taking over.

Here are excerpts from an exclusive interview to NDTV from GE's global headquarters in Fairfield, Connecticut.

Jeff: The thing that we are great at as a company that India needs is infrastructure. So we think the opportunity to have a nuclear industry in India is quite attractive.
NDTV: Different figures are doing the rounds on the size of India's nuclear business that runs into hundreds of billions of dollars. How big is the opportunity and how much of it does GE want to capture?

Jeff: Here's what I know about the nuclear business. When asked how big it will be the standard answer should be I don't know. Anybody that makes projections around the nuclear industry does so at their own peril. So could nuclear will be a big industry in India? Absolutely, and I think GE should get its fair share.

NDTV: And what would be a fair share?

Jeff: I don't know. May be a third, 25-30 per cent, one of the reasons why I am happy to talk to you. I think the government and the businesses in India who value this treaty that's been signed should look at GE as being a good friend. We pushed it, we used our reputation here in the United States to get it through. We've been a loyal and trusted friend to India for a long time. So I would be disappointed if we didn't get our fair share.

NDTV: What do you expect the government to do to ensure you get a fair share?

Jeff: Just by giving us right partnerships. We don't expect to be given anything. We have to earn it. We have to compete but the government can ensure we have the right partnerships, making sure the right legal framework is in place for liabiliy protection and things like that. Some of what we have in the US. Transparency. These are the steps government can take.

NDTV: The deal will revive GE's relationship with India but it has also helped revive Indo-US ties. How do you see the relationship between two countries strengthening?

Jeff: Whoever becomes President in next couple of weeks in the US, one of the first places they should go should be India because as you think of the development of the world over the next 100 years every bit that's great is the relationship we have with Europe, France, UK, we've got to have that kind of relationship with India. This is I think strategic for the US with a country that fundamentally looks to America as a friend.