OREANDA-NEWS. JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) together with Voith Hydro held the first meeting of shareholders of VolgaHydro LLC, a joint venture (JV) aimed at manufacturing hydroturbine equipment, that will be located in Balakovo city of the Saratov region. Mikhail Mantrov, Deputy Chairman of the Management Board of RusHydro, and Dr. Leopold Heninger, CEO and President of Voith Hydro, chaired the meeting.

The meeting of shareholders elected 6 members to the Board of Directors of VolgaHydro LLC:

Mikhail Mantrov, Deputy Chairman of the Management Board RusHydro;

Boris Bogush, Member of the Management Board, Chief engineer of RusHydro;

Maxim Zavalko, Head of Corporate Governance department of RusHydro;

Dr. Leopold Heninger, CEO and President of Voith Hydro;

Robert Schuhmayer, Member of the Board of Directors of Voith Hydro;

Josef Gaschl, Member of the Board of Directors of Voith Hydro.

The meeting of shareholders also elected the JV's Audit committee and approved regulations of the Board of Directors and Audit committee of VolgaHydro LLC. The production is expected to be launched in December 2015, reaching its full capacity by 2020.

VolgaHydro LLC was registered in August 2013. RusHydro will hold a controlling stake in JV. Voith Hydro will be responsible for operational management, and RusHydro will appoint the financial officer of JV. The companies will make the decisions on all important issues together. RusHydro's share in the share capital is 50% plus RUR 1, the share of Voith Hydro is 50% minus RUR 1. The initial paid share capital amounts to RUR 8.12 mn. The economic efficiency of the JV will be achieved through manufacturing of the equipment for RusHydro and other companies in Russia and abroad, including cooperation under service agreements.