General Electric (GE) will develop about 30 new products for India by 2015, even as it pumps in US$60 million to expand one of the company's research and development (R&D) facilities there.
A report by SmartInvestor.in Thursday, citing Gopichand Katragadda, managing director of GE India Technology Centre, said the new products will be in areas such as energy and healthcare and these will be in addition to the 30 other products developed locally in the past two years.
The managing director said products developed in India were contributing to 10 percent of its revenue in the country.
Beyond product development, the U.S. company has plans to expand itsR&D center, the John F. Welch Technology Centre (JFWTC), and will invest about US$60 million over the next few years, it noted. The R&D center in Bangalore is GE's single largest integrated R&D unit globally.
A separate Times of India report Thursday added that GE will be increasing senior level engineering hires in India to deepen the technological strength of the center.
"We have what we call chief engineers, who are people who finally clear designs of products, and principal engineers who support the chief engineers. We will increase the numbers of these engineers," Katragadda said in the report.
Although India began as a low-cost development center, the country has since, thanks to its strong talent base and focus on IT education. Companies such as , SAP and , have either set up R&D centers in the country or have plans to do so.