The Competition Commission of India has approved the acquisition of the Target Business from SGRE and SGREL by PPPL, TPG REGen, Mavco, Tikri and SGRE.

The proposed combination broadly pertains to the acquisition of the businesses relating to the manufacture and assembly of onshore wind turbine generators and the operation, maintenance and technical services of wind turbines and/or onshore wind power projects (collectively, Target Business) by Peony Properties Private Limited (PPPL), TPG REGen SG Pte. Ltd. (TPG REGen), Mavco Investments Private Limited (Mavco), Tikri Investments (Tikri) and Siemens Gamesa Renewable Power Private Limited (SGRE) from SGRE and Siemens Gamesa Renewable Energy Lanka (Private) Limited (SGREL). Target Business is presently being carried out by SGRE and SGREL in India and Sri Lanka.

PPPL and TPG REGen are entities ultimately controlled by TPG Inc. (TPG), which is a global, diversified investment firm, listed on NASDAQ. TPG including its subsidiaries and affiliates, are together referred to as TPG Group.

Mavco Investments Private Limited is a recently formed private limited company held by certain individuals and trusts as its shareholders.

Tikri is a partnership firm, belonging to Mr. Prashant Jain and his wife, Mrs. Seema Jain.

SGRE is a wholly owned indirect subsidiary of Siemens Energy AG (SEAG) and is presently engaged in carrying out the Target Business in India. SGRE Sri Lanka (a wholly owned indirect subsidiary of SEAG) is presently engaged in carrying out the Target Business in Sri Lanka.

Detailed order of the Commission will follow.

Merger approval: acquisition of onshore wind turbine business cleared enabling transfer of Target Business to investment consortium. Competition Commission approval covers the acquisition of the Target Business-manufacture and assembly of onshore wind turbine generators and related operation, maintenance and technical services-by Peony Properties Private Limited, TPG REGen, Mavco, Tikri and SGRE from SGRE and SGREL, with the Target Business currently carried out by SGRE in India and SGREL in Sri Lanka; corporate control links of the acquirers and sellers are identified.