TPG Leads Major Acquisition of Siemens Gamesa's Onshore Wind Business

A consortium led by the American private equity firm TPG, together with Mavco Investments and former JSW Energy CEO Prashant Jain, is seeking approval from the Competition Commission of India (CCI) to acquire the onshore wind business from Siemens Gamesa Renewable Power. This move marks a significant shift in the wind energy landscapes of India and Sri Lanka.

The acquisition involves TPG's affiliates, Peony Properties Pvt Ltd and TPG REGen SG Pte, alongside Mavco Investments, a company connected to members of the Murugappa family. They will take ownership of the wind power business, including the manufacturing and assembly of onshore wind turbine generators, as well as the operation and maintenance of these turbines.

The parties involved have assured that the transaction will not adversely affect competition in India. The CCI was notified about the acquisition as part of compliance under Section 5(a)(i)(A) of the Competition Act, 2002. Mavco Investments and Prashant Jain will also invest significantly, ensuring continued development in the wind energy sector under this new ownership structure.

(With inputs from agencies.)