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Indian Railways: Threatened by India's all-electric push, top US conglomerate GE puts Modi government on notice - The Economic Times
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NEW DELHI: US conglomerate General Electric has cautioned the government that it will incur "substantial costs", deter future foreign investors and hurt the 'Make in India' mission if the Indian Railways alters its $2.5-billion deal to buy diesel locomotives from the company.
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has already shipped its first diesel locomotive to India, which will arrive on October 10, as part of a contract to develop and deliver 1,000 diesel-electric locomotives, but the company's global leadership is upset over reports that India's plan to accelerate its shift to 100 per cent electric locos could derail the accord.
"If Ministry of Railways moves forward with changes to the joint venture between Indian Railways and GE, they will undermine one of the most promising infrastructure projects in the country and put future foreign investment at risk," GE said in an emailed statement. The consequences would be significant, it said.
"An alteration of this contract will have serious impact on job creation and skills development and cause the government to incur substantial costs. This will also undermine government's signature 'Make in India' initiative. We expect the partnership to move forward and the company continues to fully execute towards the plan," it said.
Government officials said the railways would save Rs 1 lakh crore of fuel and maintenance bills over a decade by phasing out diesel locomotives.
Government officials said the demand for electric locomotives would be substantial while manufacturing capability is limited to 200 a year by the railways, apart from Alstom's Madhepura plant, which will be able to supply 800 in a decade.
While railway minister Piyush Goyal has declined to comment on media reports, sources said the railways have told GE that even if it doesn't have the capability to manufacture electric locos, it can get the technology or do it in a joint venture with another company to meet demand.
The railways has also offered GE the option of setting up a locomotive maintenance shed. GE, however, is going ahead with its plans to make its locomotives in India.