General Electric, Russia’s Inter RAO to form JV

MOSCOW, July 23 (BestGrowthStock) – General Electric Co (GE.N: ), the
largest U.S. conglomerate, and Russian state-controlled power
trader Inter RAO (IUES.MM: ) are planning a joint venture to
produce gas turbines, the Russian company said on Friday.

The plan follows Russia’s Prime Minister Vladimir Putin’s
meeting with GE executives, during which the U.S. company was
earlier this summer invited to invest in Russia.

“The companies are planning to produce together gas turbines
on the territory of Russia and in June of 2010 they signed a
memorandum on cooperation,” Inter RAO said in emailed comments.

Yuri Sharov, in charge of Inter RAO’s construction and
engineering, was quoted as saying the contract was not about
purchasing a license from GE, but a joint business.

Inter RAO owns power stations across the former Soviet
Union.

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(Reporting by Anastasia Lyrchikova and Gleb Stolyarov; Writing
by Lidia Kelly; editing by Maria Kiselyova)

General Electric, Russia’s Inter RAO to form JV