FCC

TPG, Mavco Seek CCI Nod for Siemens Wind Biz Deal

2025-05-22

A consortium led by US private equity firm TPG, Mavco Investments, and former JSW Energy CEO Prashant Jain has filed for approval with the Competition Commission of India (CCI) to acquire the onshore wind business of Siemens Gamesa Renewable Power.

The acquisition will be carried out through TPG’s affiliates—Peony Properties Pvt Ltd and TPG REGen SG Pte—alongside Mavco Investments, a Murugappa family-owned firm.

According to the notice submitted to the CCI on 15 May, the deal covers Siemens Gamesa’s business operations related to the manufacturing and assembly of onshore wind turbine generators, along with operation, maintenance, and technical services for wind turbines and wind power projects in India and Sri Lanka. These assets are currently held by Siemens Gamesa Renewable Power and Siemens Gamesa Renewable Energy Lanka Pvt Ltd.

SGRE is a wholly owned indirect subsidiary of Siemens Energy Global GmbH & Co. KG (SEAG), which is the parent entity of the Siemens Energy Group.

Also participating in the transaction is Prashant Jain’s Tikri Investments, which will acquire a minority stake and serve as a Climate Change Partner in the new venture.

The parties stated that the proposed acquisition is unlikely to alter competitive dynamics or have any appreciable adverse effect on competition in India. They noted limited vertical overlaps between the target business and Mavco affiliates in related areas such as gearboxes, generators, switchgears, and transformers for wind turbines.

This move follows the March 2025 announcement of an agreement between TPG and Siemens Gamesa under which TPG will acquire a majority stake in the onshore wind turbine business in India and Sri Lanka. Mavco will invest as a significant minority partner, while Siemens Gamesa will retain a continuing stake.