General Electric To Quit Gas Turbine Services In Russia: Report

General Electric Company GE has reportedly discontinued its gas turbine services at the thermal power plants in Russia after Moscow invaded Ukraine.

However, the high-tech industrial behemoth still provides essential medical equipment and supports existing power services in the region, Reuters reported, citing the Russian business daily Kommersant.

Kommersant reported that General Electric "without explanation" stopped servicing gas turbines at Russian thermal power plants on Monday, quoting sources in power generating companies, Reuters noted.

Also Read: Mondelez Restructures Russian Operations Following Declines from Ukraine War Impacts

Amid reported plans of shutting operations in Russia, General Electric intends to fortify in India, as it is reportedly in final talks with Hindustan Aeronautics Ltd. regarding a partnership for co-manufacturing jet engines. 

The deal is expected to be inked either before or during a visit by Indian Prime Minister Narendra Modi to Washington, D.C., later this month.

Also Read: GE Cleared For Takeoff: US Reportedly Greenlights Jet Engine Tech Transfer To India

Price Action: GE shares are trading lower by 0.20% to $106.08 in the premarket session on the last check Tuesday.