FCC

TPG, Mavco to Acquire Siemens Gamesa’s India Wind Business

2025-05-23

A consortium led by American private equity firm TPG, Mavco Investments, and former JSW Energy CEO Prashant Jain has approached the Competition Commission of India (CCI) to acquire Siemens Gamesa’s onshore wind business in India and Sri Lanka.

The proposed acquisition involves TPG’s affiliates—Peony Properties Pvt Ltd and TPG REGen SG Pte—and Mavco Investments, a Murugappa family-owned company. According to a notice filed with the CCI on 15 May, the acquisition covers Siemens Gamesa Renewable Power’s manufacturing and assembly of onshore wind turbine generators, along with their operations, maintenance, and technical services.

Siemens Gamesa Renewable Energy Lanka (Pvt) Ltd is also part of the deal. The business currently operates as a wholly owned indirect subsidiary of Siemens Energy’s global holding entity, SEAG.

The acquisition has been filed under Section 5(a)(i)(A) of the Competition Act, 2002. The consortium stated that the deal would not significantly alter market competition or structure. Limited vertical overlaps between Mavco’s affiliates and the wind business—such as in gearboxes, generators, switchgear, and transformers—were acknowledged but deemed non-consequential.

Prashant Jain’s Tikri Investments will also take a minority stake in the venture as a “Climate Change Partner.”

The transaction follows a March 2025 announcement where TPG agreed to acquire a majority interest in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. Siemens Gamesa will retain a continued investment, while Mavco will hold a significant minority share alongside TPG.

This strategic move signals renewed investor interest in India’s clean energy sector, particularly in onshore wind, as the country accelerates its renewable energy goals.