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The First Deals From Modi Visit To U.S. Just Landed appeared on www.investors.com by ALEXIS GARCIA.
General Electric (GE) announced Thursday that its aviation business plans to produce jet engines for Indian fighter jets with a local partner in India. GE stock rose.
X
The GE deal had been expected. It comes during Prime Minister Narendra Modi’s state visit to the U.S. Several more deals across the aerospace and defense, technology and other sectors should follow.
“The agreement includes the potential joint production of GE Aerospace’s F414 engines in India,” GE said in a news release Thursday.
That is significant: GE would be making military jet engines in India for the first time. It already makes marine engines and commercial jet engines in that country. GE has partnered with the Indian Air Force since around 1986, supplying it with F404 and F414 engines.
The U.S. rarely shares sensitive defense technologies with non-allies like India. It remains to be seen how much of the F414 technology GE will share.
Also on Thursday, Micron Technology (MU) announced that it will invest $325 million in a new chip assembly and testing facility in the Indian state of Gujarat. Total investment, including government support, is expected to reach $2.75 billion, the memory-chip maker said.
Check back for updates.
GE Stock, MU Stock
Shares of GE rose 0.5% to 105.63 on the stock market today. GE stock has pulled back close to its 50-day moving average after a huge year-to-date rally. The stock has also closed very tight over the past three weeks, producing a possible follow-on buy pattern.
MU stock gained 0.3% to 65.98 Thursday.
Modi Visit To The U.S.: Deals In Focus
India Prime Minister Modi’s state visit comes as the U.S. looks to counter China’s influence by broadening alliances with other Asian countries.
Business leaders have also queued up to meet the leader of the world’s biggest democracy and now its most populous country.
Tesla (TSLA) CEO Elon Musk met with Modi Tuesday in New York City. He later hinted at a Tesla assembly plant in the country.
Modi has a business-friendly reputation and implemented a “Make In India” policy.
Critics accuse him of failing to stop the killings of more than 1,000 people, mostly minority Muslims, during 2002 riots in Gujarat, when he led that state. They also accuse him of engendering an increasingly illiberal democracy, although he continues to enjoy broad popularity.
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