OREANDA-NEWS. June 22, 2012. The Decree contains the instructions for the Government of Russia to proceed with the transfer of 100% of Salut's shares held in federal ownership in favour of “Russian Technologies”, a State Corporation for the development, manufacture and exportation of high-end industrial products. In pursuance of the Decree's goals, the Federal State Unitary Enterprise “Gas-Turbine Engineering Research and Production Center “Salut” will transform itself into a Joint-Stock Company “Gas-Turbine RPC “Salut” with 100% state ownership and have its Chartered Capital augmented through inclusion of stated-owned 100% shares of JSC “Omsk Research Institute of Engine Manufacture Engineering and Managerial Technologies”.

Upon completion of these procedures, 100% of state-owned Salut's shares will go over to SC “Russian Technologies” by way of a material contribution from the Russian Federation, further destined to make up the Chartered Capital of the JSC “OPK “Oboronprom”. This method of incorporating FSUE “GTE RPC “Salut” within the JSC “OPK “Oboronprom” was deemed the most appropriate in view of the restructuring of Oboronprom's Chartered Capital, wherein the main shareholder is currently SC “Russian Technologies”.

With Salut's inclusion into the integrated engine-building Oboronprom group of companies, the government-driven industrial policy's agenda of consolidating the engine-builders within the “United Engine-Building Corporation”, a daughter company of Oboronprom, will have come to fruition.