A consortium led by global private equity firm TPG, Mavco Investments, and Prashant Jain (former CEO of JSW Energy) has submitted a proposal to the Competition Commission of India (CCI) to acquire the onshore wind energy business of Siemens Gamesa Renewable Power.
The acquisition will be executed through TPG’s affiliates—Peony Properties Pvt Ltd and TPG REGen SG Pte—along with Mavco Investments, a privately held company associated with members of the Murugappa family. The transaction includes the manufacturing and assembly of onshore wind turbine generators as well as operation, maintenance, and technical services for wind turbines and onshore wind power projects currently managed by Siemens Gamesa Renewable Power and Siemens Gamesa Renewable Energy Lanka (Pvt) Ltd.
The notice, filed with the CCI on May 15, states that the transaction is being reviewed under Section 5(a)(i)(A) of the Competition Act, 2002. Siemens Gamesa Renewable Power is a wholly owned indirect subsidiary of Siemens Energy AG, which serves as the ultimate controlling entity of the Siemens Energy Group.
In addition to TPG and Mavco, Tikri Investments, managed by Prashant Jain, will also acquire a minority stake in the venture. According to the parties involved, the proposed acquisition is not expected to materially alter competitive dynamics in the relevant market and will not cause any appreciable adverse effect on competition in India. They have also indicated that the definition of the relevant market may be left open due to limited vertical overlaps in components such as gearboxes, generators, switchgears, and transformers used in wind turbine production.
This acquisition follows a previously announced agreement in March between TPG and Siemens Gamesa, under which TPG would acquire a majority interest in the onshore wind turbine generator manufacturing business in India and Sri Lanka. Mavco Investments will participate as a significant minority investor, while Siemens Gamesa will retain an interest in the venture. Prashant Jain will also join the venture as a Climate Change Partner with a minority stake, reflecting the initiative’s focus on renewable energy and sustainability.
Siemens Gamesa has been harnessing the power of wind for over 40 years. With a team of more than 30,000 employees, we are at the forefront of the energy transition, driving innovation in both onshore and offshore wind energy, as well as providing essential services. Through close collaboration with our customers, we have successfully installed 140 GW of capacity worldwide, helping communities gain access to clean, affordable, and sustainable energy.
TPG, a prominent global alternative asset management firm, was established in San Francisco in 1992. With $246 billion in assets under management, the firm operates through investment and operational teams located worldwide. TPG pursues a diverse range of investment strategies, including private equity, impact investing, credit, real estate, and market solutions. The firm’s approach is characterized by a commitment to collaboration, innovation, and inclusion. By combining in-depth sector knowledge with extensive capabilities, TPG’s teams generate unique insights and create value for fund investors, portfolio companies, management teams, and communities alike.
