Latest news with #Murugappa
Time of India
20-05-2025
- Business
- Time of India
TPG-led consortium seeks CCI nod to acquire Siemens Gamesa's wind biz
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.
Time of India
19-05-2025
- Business
- Time of India
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. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 is a wholly-owned indirect subsidiary of SEAG. SEAG is the ultimate controlling entity of the Siemens Energy proposed combination is notified to the CCI under Section 5(a)(i)(A) of the Competition Act, 2002, it Jain's Tikri Investments will also acquire a stake in 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 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 Investments will also make a significant minority investment alongside TPG, in addition to continued investment from Siemens Prashant Jain will also pick up a minority stake as Climate Change Partner in the venture.
Economic Times
14-05-2025
- Automotive
- Economic Times
Renesas-CG Power venture likely to roll out first chip by mid-2026, says Hidetoshi Shibata
Hidetoshi-Shibata-renesas Japanese semiconductor firm Renesas Electronics Corporation expects its chip assembly joint venture with Murugappa group's CG Power and Thailand's Stars Microelectronics to roll out its first chip from a pilot production line by mid-2026, its global CEO Hidetoshi Shibata told Rs 7,600-crore plant in Sanand is slated to start mass production in 2027, he said, adding that Renesas is also in talks with other potential Indian partners to expand its presence in the country at various levels, even as it is extremely bullish on its partnership with CG tensions following the Pahalgam terror attack caused some "near-term technical issues" that needed to be dealt with, but that hasn't deterred the company's push to double down in Gujarat, which is a border state, Shibata said on Tuesday."A country like India will not do anything detrimental to the prosperity of the country,' he said. 'There are some conflicts, but I do strongly believe India will not do anything above and beyond. (Do I) have a doubt about the prospect of the industries in a state like Gujarat? Absolutely not."The $10 billion Renesas—listed on the Tokyo Stock Exchange and a supplier to auto giants like Toyota Motor Corp and Honda Motor Co—counts India as a large market. It supplied the Chandrayaan-3 space mission with more than 30 radiation-hardened components and is a major player in the smart metering space in the country. Shibata spoke to ET ahead of Renesas' expansion of its Bengaluru and Noida centres to accommodate its growing R&D teams. '(This is the) first time three-nanometre chips will be designed in our country,' union electronics and information technology minister Ashwini Vaishnaw said at the inauguration in has partnered with the Ministry of Electronics & Information Technology (MeitY) to support local startups and academic institutions in VLSI (very large-scale integration) and embedded semiconductor said the country is growing electronics manufacturing at a rate of double-digit CAGR, which 'will create a lot of employment, demand, and self-reliant solutions.' Also, while developing the semiconductor industry in the country, 'we are working at all the parts of the value chain," he Renesas' priority remains the outsourced semiconductor assembly and test (OSAT) facility in Sanand, Shibata did not rule out the possibility of establishing a fab in the country.'Everything is a possibility,' he said. 'But for now, I do see CG Power as a very like-minded partner... We are now focused on really ramping up the facilities that we are working on. The rest should follow that." When asked what India should do to further cement its position as a semiconductor manufacturing hub, Shibata highlighted the importance of intellectual property (IP). While India has made tremendous progress in terms of setting up shop in production, be it the front end or back end (design), it is now time to be more aggressive on design and intellectual property—both software and hardware, he said.'If you just produce those products, chances are you will be serving to companies from other parts of the world,' Shibata said. 'That's not interesting to a big country like India. You have to take control of the semiconductor and electronics value chain, end to end, and to do so, the upstream capabilities of intellectual properties will be crucial,' he also believed that with the emergence of generative AI and India not having the "baggage" from the conventional way of semiconductor design and usage, the country is well positioned to think more creatively about the design, usage and lifecycle management of semiconductor devices.'And that's what I'm trying to do…if we can find a great India partner." He said. 'I do look at CG Power as potentially one of them (partners).'Vaishnaw also stressed the need to develop intellectual properties (IPs) at the inauguration.'We are now going into developing our own IP,' the minister said. 'We have already taken a call to design 25 chipsets. Some of them are very critical chipsets—high value, low volume—but going into some of the major important systems. It may take two years or even three years to reach a good level of progress in that, but the journey must begin,' he for the Renesas' focus areas, Shibata said electric vehicles (EVs)—be it two-wheelers, three-wheelers or four-wheelers—and related infrastructure is one of the most promising areas. Industrial vehicles was also an interesting opportunity, he said.'But in longer term, I really wanted to contribute to India in elevating its electronics capabilities around healthcare,' Shibata said. 'So, hopefully, we will do a good job in drawing the healthcare electronics capabilities in India in a way that you can serve a growing need from the domestic market of India.'
Time of India
14-05-2025
- Business
- Time of India
Renesas-CG Power venture likely to roll out first chip by mid-2026, says Hidetoshi Shibata
Live Events Japanese semiconductor firm Renesas Electronics Corporation expects its chip assembly joint venture with Murugappa group's CG Power and Thailand's Stars Microelectronics to roll out its first chip from a pilot production line by mid-2026, its global CEO Hidetoshi Shibata told Rs 7,600-crore plant in Sanand is slated to start mass production in 2027, he said, adding that Renesas is also in talks with other potential Indian partners to expand its presence in the country at various levels, even as it is extremely bullish on its partnership with CG tensions following the Pahalgam terror attack caused some "near-term technical issues" that needed to be dealt with, but that hasn't deterred the company's push to double down in Gujarat, which is a border state, Shibata said on Tuesday."A country like India will not do anything detrimental to the prosperity of the country,' he said. 'There are some conflicts, but I do strongly believe India will not do anything above and beyond. (Do I) have a doubt about the prospect of the industries in a state like Gujarat? Absolutely not."The $10 billion Renesas—listed on the Tokyo Stock Exchange and a supplier to auto giants like Toyota Motor Corp and Honda Motor Co—counts India as a large market. It supplied the Chandrayaan-3 space mission with more than 30 radiation-hardened components and is a major player in the smart metering space in the spoke to ET ahead of Renesas' expansion of its Bengaluru and Noida centres to accommodate its growing R&D teams.'(This is the) first time three-nanometre chips will be designed in our country,' union electronics and information technology minister Ashwini Vaishnaw said at the inauguration in has partnered with the Ministry of Electronics & Information Technology (MeitY) to support local startups and academic institutions in VLSI (very large-scale integration) and embedded semiconductor said the country is growing electronics manufacturing at a rate of double-digit CAGR, which 'will create a lot of employment, demand, and self-reliant solutions.' Also, while developing the semiconductor industry in the country, 'we are working at all the parts of the value chain," he Renesas' priority remains the outsourced semiconductor assembly and test (OSAT) facility in Sanand, Shibata did not rule out the possibility of establishing a fab in the country.'Everything is a possibility,' he said. 'But for now, I do see CG Power as a very like-minded partner... We are now focused on really ramping up the facilities that we are working on. The rest should follow that."When asked what India should do to further cement its position as a semiconductor manufacturing hub, Shibata highlighted the importance of intellectual property (IP).While India has made tremendous progress in terms of setting up shop in production, be it the front end or back end (design), it is now time to be more aggressive on design and intellectual property—both software and hardware, he said.'If you just produce those products, chances are you will be serving to companies from other parts of the world,' Shibata said. 'That's not interesting to a big country like India. You have to take control of the semiconductor and electronics value chain, end to end, and to do so, the upstream capabilities of intellectual properties will be crucial,' he also believed that with the emergence of generative AI and India not having the "baggage" from the conventional way of semiconductor design and usage, the country is well positioned to think more creatively about the design, usage and lifecycle management of semiconductor devices.'And that's what I'm trying to do…if we can find a great India partner." He said. 'I do look at CG Power as potentially one of them (partners).'Vaishnaw also stressed the need to develop intellectual properties (IPs) at the inauguration.'We are now going into developing our own IP,' the minister said. 'We have already taken a call to design 25 chipsets. Some of them are very critical chipsets—high value, low volume—but going into some of the major important systems. It may take two years or even three years to reach a good level of progress in that, but the journey must begin,' he for the Renesas' focus areas, Shibata said electric vehicles (EVs)—be it two-wheelers, three-wheelers or four-wheelers—and related infrastructure is one of the most promising areas. Industrial vehicles was also an interesting opportunity, he said.'But in longer term, I really wanted to contribute to India in elevating its electronics capabilities around healthcare,' Shibata said. 'So, hopefully, we will do a good job in drawing the healthcare electronics capabilities in India in a way that you can serve a growing need from the domestic market of India.'
Economic Times
12-05-2025
- Business
- Economic Times
Murugappa Group 3-way split talks are back on track
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Discussions among the promoters of Murugappa Group to finalise a new family settlement have regained momentum, signalling intent from the three different factions of the storied Chennai-based group to resolve disagreements over business valuations and facilitate a three-way split , said people in the firm Cyril Amarchand Mangaldas and Transaction Square, a tax, regulatory, and business advisory firm, have been working with the family to come up with a separation structure that is both legally acceptable and tax-friendly to help dismantle its intricate promoter shareholdings and cross holdings among family factions and ensure clarity in governance, independence in management, and transparency in capital evolving consensus includes granting a right of first refusal on share transfers and ensuring that businesses with higher valuations -such as CG Power Tube Investments of India (TII), Cholamandalam , and Shanti Gears-contribute proportionately to achieve an equitable settlement. Given the number of listed entities involved, finalisation of terms is still some time group comprises 11 listed companies including Carborundum Universal , Cholamandalam Investment and Finance Company, CG Power, Coromandel International , EID Parry (India), and the family members who had so far taken a hard stand are "now keen to move ahead toward a resolution", said a veteran family-business observer on the condition of anonymity, as the talks are still in the family Group has seen robust M&A activity and new investment announcements in recent months. There are several unlisted companies and joint ventures as is also likely that the Murugappa family may show openness to evolving its traditionally patriarchal approach as the new generation steps its August 23 edition, ET was the first to report the much-celebrated turnaround of CG Power within four years of its takeover by group company TII. This led to a 70-fold jump in the share price of CG Power after the TII buyout at ₹8.56 asset had become a bone of contention among different family factions that make up the promoter group. What perhaps has inadvertently helped is the slide in share prices of several group companies that had surged in the past 12-24 months. For example, TII shares are down 20% year to date, while CG Power is down 18% in that same recently, the value appreciation of a handful of group companies compared to others was at the heart of the dispute among at least two of the three factions of the extended argument has been over how three equal groups can be carved out of the current corporate structure--collectively owned by seven branches of the Murugappa family through family holding company Ambadi Investment that owns shares of various companies--without revising the terms of an older family agreement."The family is waiting for the two advisors to come up with a blueprint within the agreed formula," said a family associate. "Since that has been agreed upon, it should be relatively quicker now that all sides seem to be more flexible in their stand."The group spokesperson did not comment on the current settlement push follows a significant milestone achieved in August 2023, when the family announced a resolution with Valli Arunachalam, daughter of the late MV Murugappan. This marked the end of a prolonged legal battle and signalled a broader commitment to internal Alagappan, son of former Chairman M A Alagappan, is likely to continue leading Coromandel International. Vellayan Subbiah, son of former Chairman M V Subbiah, is expected to retain control of Cholamandalam Investment and Finance, Cholamandalam MS General Insurance, and Cholamandalam Financial with Vellayan Subbiah, Arun Murugappan (MAM Arunachalam) is tipped to oversee TII, TI Cycles, Shanthi Gears, CG Power, TI Mobility, and the group's semiconductor venture.
