TPG Acquires Siemens Gamesa Wind Business in India
TPG-led consortium acquires majority stake in Siemens Gamesa's wind turbine business in India and Sri Lanka, creating a new independent company to serve the growing Indian market.
New Delhi, Mar 26 (PTI) 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.
The company, however, did not disclose the financial details of the transaction.
"The new company will serve the Indian market more effectively while also offering a long-term perspective for the employees and customers. This ensures continued support and development in this vibrant market, while Siemens Gamesa can concentrate on other core markets," Vinod Philip, Member of the Board of Siemens Energy, responsible for Siemens Gamesa said.
The Board of Directors of the new company will be chaired by Vellayan Subbiah with Prashant Jain serving as the Executive Vice Chairman. Vinod Philip will be the Siemens Gamesa representative on the Board.
Ankur Thadani, Partner at TPG and Head of Climate, Asia, said, "We believe onshore wind will continue to play an increasing role in India's green energy mix and this new platform, with Siemens Gamesa's world-class product manufacturing and service offering, and the backing of TPG and MAVCO will continue to accelerate the delivery of gigawatts of clean power to millions of Indians across the socio-economic spectrum."
Vellayan Subbiah, MAVCO said, "This collaboration is poised to drive long-term growth in the sector and further strengthen India's transition to sustainable power."
Prashant Jain said, "Wind industry is at an inflection point in India given the government's renewable energy mandate and the need to meet round-the-clock power demand. The need for quality wind turbine generator suppliers in the country will only rise given the demand-supply gap and the criticality of supply in the overall wind supply chain."
The transaction is subject to closing conditions and regulatory approvals.
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.
The company, however, did not disclose the financial details of the transaction.
"The new company will serve the Indian market more effectively while also offering a long-term perspective for the employees and customers. This ensures continued support and development in this vibrant market, while Siemens Gamesa can concentrate on other core markets," Vinod Philip, Member of the Board of Siemens Energy, responsible for Siemens Gamesa said.
The Board of Directors of the new company will be chaired by Vellayan Subbiah with Prashant Jain serving as the Executive Vice Chairman. Vinod Philip will be the Siemens Gamesa representative on the Board.
Ankur Thadani, Partner at TPG and Head of Climate, Asia, said, "We believe onshore wind will continue to play an increasing role in India's green energy mix and this new platform, with Siemens Gamesa's world-class product manufacturing and service offering, and the backing of TPG and MAVCO will continue to accelerate the delivery of gigawatts of clean power to millions of Indians across the socio-economic spectrum."
Vellayan Subbiah, MAVCO said, "This collaboration is poised to drive long-term growth in the sector and further strengthen India's transition to sustainable power."
Prashant Jain said, "Wind industry is at an inflection point in India given the government's renewable energy mandate and the need to meet round-the-clock power demand. The need for quality wind turbine generator suppliers in the country will only rise given the demand-supply gap and the criticality of supply in the overall wind supply chain."
The transaction is subject to closing conditions and regulatory approvals.
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