FRANKFURT, March 26 (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)