RIA Novosti reported that Atomenergomash, a Russian supplier of equipment for nuclear power plants, and France's Alstom concluded a deal Thursday to establish a joint venture.

Alstom, a world leader in conventional nuclear facilities, has given the new JV, Alstom Atomenergomash, a license to manufacture its Arabelle half speed turbines. Alstom technology is used in more than a quarter of conventional nuclear facilities around the globe.

The JV will produce and sell the turbines and equip with them nuclear power plants being built outside Russia in line with Russian technology. The venture is expected to yield about USD 1.5 billion annually.