TPG-led consortium seeks CCI nod to acquire Siemens Gamesa's wind biz
A big move in renewable energy sector is expected. TPG, Mavco Investments, and Prashant Jain plan to acquire Siemens Gamesa's wind business. They have requested approval from the Competition Commission of India. The deal includes manufacturing and maintenance of onshore wind turbines. This acquisition aims to boost wind power generation.
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A consortium led by TPG, Mavco Investments and former JSW Energy CEO Prashant Jain has sought approval from the fair trade regulator CCI to acquire the onshore wind business of Siemens Gamesa Renewable Power. American private equity firm TPG, through its affiliates Peony Properties Pvt Ltd and TPG REGen SG Pte, and Mavco Investments, a private company belonging to select members of the Murugappa family, will acquire the wind power business."The proposed combination pertains to the acquisition of the businesses relating to the manufacturing and assembly of onshore wind turbine generators and the operation, maintenance and technical services of wind turbines and/or onshore wind power projects from SGRE and Siemens Gamesa Renewable Energy Lanka (Pvt) Ltd," a notice filed with the Competition Commission of India (CCI) said on May 15.SGRE is a wholly-owned indirect subsidiary of SEAG. SEAG is the ultimate controlling entity of the Siemens Energy Group.The proposed combination is notified to the CCI under Section 5(a)(i)(A) of the Competition Act, 2002, it added.Prashant Jain's Tikri Investments will also acquire a stake in the venture.The parties have said the "proposed combination will not lead to any change in the competitive dynamics, let alone cause any appreciable adverse effect on competition in India".They (parties) also noted that any relevant market delineation may be left open, with only limited vertical overlaps between affiliates of Mavco and the target business in areas like gearboxes, generators, switchgears, and transformers for wind turbines.In March, TPG and Siemens Gamesa, a wind power subsidiary of Siemens Energy, announced that they have entered into an agreement under which TPG would acquire a majority stake in Siemens Gamesa's onshore wind turbine generator manufacturing business in India and Sri Lanka.Mavco Investments will also make a significant minority investment alongside TPG, in addition to continued investment from Siemens Gamesa.Further, Prashant Jain will also pick up a minority stake as Climate Change Partner in the venture.
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