Siemens Gamesa sells its wind energy business in India.
Siemens Gamesa sells its wind energy business in India.
Image source: Siemens Energy
Siemens Gamesa, a wind turbine manufacturer, announced that it will sell most of its wind energy business in India and Sri Lanka. The deal is led by an investor group headed by Indian firm TPG, which will hold a majority stake in the new company.
Siemens Energy, the parent company of Gamesa, announced that Gamesa will sell 90% of its wind energy business in India and Sri Lanka, retaining only 10% and participating in the operation of the new company. The transaction also involves the transfer of approximately 1,000 employees, and Gamesa will sell two production facilities in India.
Vinod Philip, the CEO of Siemens Gamesa, stated that the Indian market is highly competitive and fragmented. To succeed in this market, a localization strategy must be adopted. Gamesa believes that the new company led by TPG can become part of Siemens Energy's global supply chain, further expanding its supply chain layout. Vinod Philip has been serving as CEO since last August, and his mission is to turn Gamesa around to profitability.
According to Siemens Energy, approximately 1,200 employees in India will not be affected by this transaction. While the company did not disclose specific financial details of the deal, it clearly had a positive impact on Siemens Energy's stock price, which rose nearly 4% on Wednesday. Gamesa holds over 30% market share in India, with an installed capacity of nearly 10 GW, and has signed long-term service contracts with customers. It is expected that the installed capacity in the Indian market will increase to 57 GW by 2032.
Siemens Energy has incurred substantial losses due to quality issues in recent years. In response, Siemens Energy has decided to focus on its core markets and gradually exit the peripheral businesses related to Gamesa. This strategic adjustment indicates that Siemens Energy aims to concentrate its resources to enhance the company's overall profitability and market competitiveness.
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