General Electric, the largest company by market capitalisation in the United States, said it has set up a new fund - the India Development Fund - to finance the group's businesses in India through the proceeds from the Dabhol settlement.
"The GE India Development Fund is an affirmation of our commitment to India as we reinvest the money received in settlement of our claims related to the Dabhol power project," GE's India president Scott R. Bayman said in a statement. He said GE sees strong growth potential in India in sectors such as low-cost airlines, upgrading airports, health care, the consumer and industrial sectors, security and water and processing technologies.