TPG-led Consortium To Acquire Majority Stake In Siemens Gamesa

New Delhi: Leading global alternative asset management firm TPG led consortium has entered into strategic partnership agreement to acquire majority stake in Siemens Gamesa's onshore wind turbine generator manufacturing business in India and Sri Lanka. Siemens Gamesa, is a wind power subsidiary of Siemens Energy. MAVCO Investments, a private company belonging to select members of the Murugappa family, will make a significant minority investment alongside TPG, in addition to continued investment from Siemens Gamesa, a statement said. Prashant Jain, former CEO JSW Energy, will also pick up a minority stake as Climate Change Partner in the venture.

Following the close of the transaction, a new independent company will be created to build a best-in-class company for the manufacturing, installation and service of onshore wind turbines, addressing the Indian wind market potential. Under the transaction, Siemens Gamesa, which will continue to hold a minority stake in the new company, will transfer approximately 1,000 employees and existing manufacturing infrastructure in India, while continuing to exclusively license its intellectual property and technology and developing next generation of products for the new company, the statement added.