US-based industrial conglomerate GE to pursue exit from new build coal power market

New Delhi: US-based industrial conglomerate GE has announced that it intends to exit the new build coal power market, subject to applicable consultation requirements. GE’s Steam Power business will work with customers on existing obligations as it pursues this exit, which may include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries, GE said in a statement.

GE Power India NSE 1.55 % in a regulatory filing to BSE said that it is examining the implications of its parent General Electric Company’s decision. “The company will continue to focus its efforts on maintaining its business in India aligned with local market dynamics,” the filing said.