TPG said to be in advanced talks to buy Siemens Gamesa India assets

Siemens Gamesa Photographer: Darren Staples/Bloomberg

TPG Inc. is in advanced talks to buy the Indian wind energy assets of Siemens Energy AG’s Gamesa unit, people familiar with the matter said.

TPG has emerged as the likeliest buyer after outbidding rivals including industry players and private equity firms, the people said, asking not to be identified because the matter is private. A transaction could value the Siemens Gamesa India assets at more than $300 million, the people said.

Talks are ongoing and no final decisions have been made, the people said. Other bidders remain interested in the assets, which include operation, maintenance and manufacturing of wind turbines, they added.

Siemens Gamesa has been exploring a sale of its Indian assets, which had attracted interest from TPG, JSW Energy Ltd. and Inox Wind Ltd., The Economic Times reported last month.

“The Indian market is very relevant for us, it offers great opportunities for the energy business,” a spokesman for Siemens Energy said. “We are currently considering all options there, including potential partnerships, but no further decisions have been taken yet.”

A representative for TPG declined to comment.