GE joins XD to gain grid foothold

General Electric Co said on Wednesday that it has formed a partnership with China XD Electric Ltd, a move that will give the United States-based conglomerate a foothold in China's vast electricity infrastructure market.

The deal was initially announced last May, and it has since gone through regulatory approvals in China.

Through a private placement, GE took 15 percent of the shares of XD Electric, one of China's largest manufacturers of electricity transmission and distribution equipment. Another component of the partnership includes the formation of a joint venture to offer Chinese customers GE's localized grid-automation equipment and services.