General Electric Co.(GE) announced its decision to integrate all its GE Healthcare units in India and South Asia with the existing Wipro GE Healthcare joint venture. The companies said the move would help the $17-billion healthcare arm of GE achieve effective management, resource utilization and rapid growth, using Wipro GE Healthcare's wide distribution network.
Wipro GE Healthcare said it will absorb three business units of GE Healthcare—GE Medical Systems India, GE Healthcare Life Sciences and GE Healthcare Medical Diagnostics, of which the latter two distribute their products outside Wipro-GE.
The integrated entity will have 1,200 employees and will be headed by Raja, president and CEO, Wipro GE Healthcare.
Currently, Wipro GE Healthcare, in which GE holds 51% and Wipro 49%, distributes approximately 85% of GE Healtchare's products and solutions in India.
"The move to integrate our healthcare businesses in India will simplify the structure and improve services to the customers. We feel that, going forward, more innovation will be transported from India to the US, particularly in the healthcare space," said Jeffrey Immelt, GE's chairman and CEO at a press conference with Wipro Chairman Azim Premji.
At present, about 20% - 25% of the healthcare products sold in India are manufactured domestically. GE plans to increase the share of India-made items in the overall products sold in the country to 50%-70% in the next 5-7 years.
"GE has been our valued partner since 1990. Together we have defined many growth stories in healthcare sector in South Asia. This consolidation under Wipro GE Healthcare further strengthens this relationship. We hope to bring world-class healthcare to South Asia by providing best-in-class solutions" said Azim Premji, Chairman of Wipro.
GE closed the Friday's regular trading session at $15.36, down $0.61. In the after-hours trading, the shares grew 0.59% and traded at $15.45. WIT closed at $17.80, up $0.17.
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