From Staff Reports

General Electric Co.'s (GE) GE Energy Financial Services unit bought a 26% stake in Sayi Power Energy, a majority shareholder of KSK Power for an undisclosed amount.

But the intentions are clear as day. India's rapidly expanding housing market is a major growth opportunity, especially compared to GE's home turf in United States. And KSK is positioned to profit from it.

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KSK develops and owns downstream energy assets throughout India. KSK's portfolio of existing and future power-generation assets is diversified across fuel types throughout India. The company has eight projects eithier in operation or under construction, representing 875 megawatts of capacity. KSK's pipeline of future projects totals 3,200 megawatts and is expected to come on line by 2012.

“KSK's pioneering leadership in mid-sized captive power generation and access to dedicated low-cost fuel reserves creates opportunities for sizeable additional investment in new power projects. We will play a strategic role in helping KSK to carry out its growth plans,” said Raghuveer Kurada, managing director of GE Energy Financial Services' India operations.

Earlier this year, GE Energy Financial Services lent $17 million to Binani Cement for the construction of a 22.3 megawatt thermal power plant and associated utilities in Sirohi, Rajasthan, the company said.

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