GE India has said that it is palnning to set up a new manufacturing facility at Chakan near Pune with an investment of about Rs 1,000 crore.

The company has signed an memorandum of understanding today with the Maharashtra government. The state government has granted the `mega project' status to the project that will be developed 68 acres of land. The company says that the multimodal plant at Pune, which will be the first of its kind int the country, will begin production in the third quarter of 2013.

Mr John Rice, Vice-Chairman, GE, said that the plant will first focus on developing localised products and solutions for the energy sector in the country. He said that the new plant will mark the new phase of development in India. He pointed out that the facility will focus on producing things that are needed by the country in energy, transportation and healthcare sectors.

He also said that the products for the facility will also be targeted for the export market. The company currently employs about 500 people in the state.