India Deals: GE, Starbucks Monday, October 10, 11:50 AM ET
General Electric (NYSE:
GE) announced an expansion of its footprint in India today, as GE Energy Financial Services and Indian-based Greenko Group agreed to invest in a wind energy projects venture.
GE said it will invest $50 million in the project, marking its first renewable energy investment in India, to support development of 500 megawatts of wind projects.
Greenko, which is planning development of one gigawatt of wind projects in India, has committed $65 million to the venture.
The venture will run as a subsidiary of Greenko, and will be known as Greenko Wind Project Private Limited.
Also today, Starbucks (NASDAQ:
SBUX) and India's Tata Coffee are reportedly working on a joint venture to open coffee shops in India.
According to several media reports, Starbucks is in the end stages of finalizing a deal for a venture.
India's foreign investment rules limit Starbucks' potential stake in a venture there to 51%.
Rival Dunkin Brands (NASDAQ:
DNKN) has already made investment in India.
For MarketNewsVideo.com, I'm Tracey Fitzpatrick.
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India Deals: GE, Starbucks
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