Private Equity

PE Fund Investments

TPG to acquire Siemens Gamesa’s wind biz in India, Sri Lanka

Business Line  

Global alternative asset manager TPG Capital (via TPG Rise Climate) will acquire a majority stake in Siemens Gamesa’s onshore wind turbine generator manufacturing business in India and Sri Lanka. MAVCO Investments, a private company belonging to select members of the Murugappa family, will also make a significant minority investment alongside TPG, in addition to continued investment from Siemens Gamesa. Prashant Jain, former CEO of JSW Energy, will also pick up a minority stake.Following the close of the transaction, a new independent company will be created to build a 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 about 1,000 employees and existing manufacturing infrastructure in India while continuing to exclusively license its intellectual property and technology and developing the next generation of products for the new company.TPG, MAVCO and Prashant Jain were jointly advised by Morgan Stanley, Kearney, Deloitte, Alvarez & Marsal, Khaitan & Co., Cyril Amarchand Mangaldas and Cleary Gottlieb Steen & Hamilton.