The Competition Commission of India (CCI) has approved the proposed acquisition of the Target Business from Siemens Gamesa Renewable Energy (SGRE) and its Sri Lankan arm SGREL by a consortium including Peony Properties Private Limited (PPPL), TPG REGen SG Pte. Ltd. (TPG REGen), Mavco Investments Private Limited (Mavco), Tikri Investments (Tikri), and SGRE.

The Target Business includes the manufacture and assembly of onshore wind turbine generators, as well as the provision of operation, maintenance, and technical services for wind turbines and onshore wind power projects. These operations are currently carried out by SGRE in India and SGREL in Sri Lanka.

PPPL and TPG REGen are ultimately controlled by TPG Inc., a global investment firm listed on NASDAQ. Collectively, they are referred to as the TPG Group.

Mavco is a recently incorporated private limited company backed by individual and trust-based shareholders. Tikri is a partnership firm owned by Mr Prashant Jain and Mrs Seema Jain.

SGRE is a wholly owned indirect subsidiary of Siemens Energy AG (SEAG) and oversees the Target Business in India, while SGREL does the same in Sri Lanka.