FRANKFURT (Reuters) – Siemens Energy will sell 90% of its wind business in India and Sri Lanka to an investor group led by the climate investment arm of buyout group TPG, it said on Wednesday, in a push to focus on what it sees as core markets.
No financial details were disclosed.
As part of the deal, Siemens Energy will transfer around 1,000 employees and two manufacturing plants in India to the new entity, it said, adding around 1,200 of its local staff would not be part of the deal.
Siemens Gamesa, Siemens Energy’s wind turbine division, holds a 30% market share in India but has previously said it was considering strategic options for the business, citing cut-throat competition.
“The new company will serve the Indian market more effectively while also offering a long-term perspective for employees and customers,” said Vinod Philip, Siemens Energy’s board member in charge of Siemens Gamesa.
(Reporting by Christoph Steitz, editing by Thomas Seythal)
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