CCI Greenlights TPG's Majority Stake Acquisition in Siemens Gamesa's Onshore Wind Business

The Competition Commission of India has granted approval for US-based private equity firm TPG to acquire a majority stake in Siemens Gamesa's onshore wind turbine generator manufacturing business in India and Sri Lanka. The acquisition will be executed through TPG's affiliates, Peony Properties Pvt Ltd and TPG REGen SG Pte Ltd.

Alongside TPG, MAVCO Investments and Prashant Jain, the former CEO of JSW Energy, will hold minority stakes in the venture. Siemens Gamesa will continue its investment, maintaining its interest in the onshore wind sector.

This strategic alliance anticipates enhancing the manufacturing and technical services of wind turbines, driving innovation in renewable energy projects. The CCI also approved another deal by Rungta Sons Pvt Ltd to acquire full shareholding in SMC Power Generation Ltd, marking an expansion in steel and iron production.