GE sells stake India back office unit

General Electric Co. said Friday that two private investment firms completed a deal to buy a majority interest in its India-based back office unit. (MSNBC is a joint venture of Microsoft and NBC, which is a GE company.)

The conglomerate also said it remains comfortable with previous 2004 and fourth-quarter earnings forecasts.

GE said it received about $500 million in cash from General Atlantic Partners and Oak Hill Capital Partners, and keeps a 40 percent stake in GE Capital International Services (Gecis).

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Gecis, which will continue to serve GE under a multiyear contract, employs more than 17,000 staff and plans to offer its services to companies in the Americas, Europe, and Asia, where it already has operations.

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GE said it remains comfortable with previously earnings forecasts in the range of $1.57 to $1.60 per share for 2004 and between 48 cents and 51 cents a share for the fourth quarter, with earnings growth in the fourth quarter of 13 percent to 20 percent.

Wall Street analysts expected fourth-quarter earnings of 50 cents a share and 2004 profit of $1.58 a share, according to Reuters Estimates.