TPG To Buy 90% Stake In Siemens Gamesa’s India Wind Business
A consortium led by global alternative asset manager TPG has signed an agreement to acquire a 90% stake in Siemens Gamesa's onshore wind turbine manufacturing business in India and Sri Lanka, the company said. Siemens Gamesa, a subsidiary of Siemens Energy, will retain a 10% stake.
MAVCO Investments, linked to select members of the Murugappa family, will make a significant minority investment, alongside continued investment from Siemens Gamesa. Prashant Jain, former CEO of JSW Energy, will also hold a minority stake as Climate Change Partner.
Following the transaction, a new independent company will be established to manufacture, install, and service onshore wind turbines in India and Sri Lanka, addressing the region's wind energy potential.
The deal includes the transfer of approximately 1,000 employees and existing manufacturing infrastructure. Siemens Gamesa will continue licensing its intellectual property and developing next-generation products for the new company.
“This new entity will enhance service for the Indian market while securing long-term prospects for employees and customers. It allows Siemens Gamesa to focus on core markets,” said Vinod Philip, Siemens Energy board member.
The board of the new company will be chaired by Vellayan Subbiah, with Prashant Jain as Executive Vice Chairman. Vinod Philip will represent Siemens Gamesa on the board.
TPG partner and Asia Climate Head Ankur Thadani said onshore wind will be crucial to India's renewable energy mix. “With Siemens Gamesa's expertise and the backing of TPG and MAVCO, this venture will accelerate the delivery of gigawatts of clean power across India,” he added.
Prashant Jain highlighted the growing demand for wind turbine suppliers in India due to the government's renewable energy targets and the need for round-the-clock power.
The transaction is subject to regulatory approvals and closing conditions, PTI reported.
(With text inputs from PTI.)
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