Siemens Gamesa’s India wind biz up for sale at $1 billion valuation – EQ
In Short – Siemens Gamesa is putting its India wind business up for sale, valuing the unit at around $1 billion. This move aligns with the company’s strategy to refocus on core markets. The India division, a key player in the renewable energy sector, has garnered interest from several potential buyers, highlighting the increasing appeal of sustainable energy investments in the region.
In Details – According to a press report, the energy technology group Siemens Energy wants to sell the Indian wind turbine division of its subsidiary Siemens Gamesa Renewable Energy. The valuation of the business in the transaction is one billion US dollars, the Indian business newspaper Mint reported on its website on Friday, citing two people familiar with the matter. According to the report, the division’s annual turnover is 700 million dollars.
In the sale, India’s largest alternative energy company Adani Renewable Energy is among those with the best chances of winning the bid, the report added. Industry colleague Masdar from Abu Dhabi and investors TPG Rise, Brookfield Energy Transition Funds and Macquarie are also interested. A Siemens spokesperson did not wish to comment on the matter in detail. The potential interested parties, as well as the British bank Barclays, which is in charge of the sale according to the circles, did not initially respond to inquiries.
The ailing Munich-based group appears to be slowly getting back on track. The second quarter of the financial year was better than expected, which prompted the company to raise its forecast for the year as a whole. A far-reaching restructuring plan was also presented for the loss-making Siemens Gamesa wind business, which is intended to get the turbine manufacturer back into the black. However, this will take years. Among other things, the plan includes capacity adjustments and job cuts in the land turbine business./he/edh
