The new company will perform engineering, manufacturing and servicing of gas turbines in Russia and the other countries within the Commonwealth of Independent States.
Siemens will hold a 65% stake in the gas turbine JV, with Power Machines holding the remaining stake.
Power Machines will deliver components to the new JV, in particular, steam turbines and turbo-generators.
Siemens said it will give up its 25% stake plus one share in Power Machines and hand it over to the majority shareholder, Highstat.
