Khaitan & Co represented private equity giant TPG Growth in its $150 million investment in semiconductor engineering services company Tessolve, which was represented by Trilegal. Cleary Gottlieb Steen & Hamilton served as international counsel to TPG on the deal. Existing shareholder Novo Tellus Capital Partners, Singapore, was advised by Cyril Amarchand Mangaldas

Founded in India in 2004, Tessolve was acquired by Hero Electronix in 2016. TPG Growth (TPG’s middle market and growth equity arm) acquired a significant minority stake through both primary (new capital) and secondary share purchase, with Hero Electronix retaining majority control.

Tessolve is a partner to 18 of the world’s top 20 semiconductor firms and employs over 3,500 engineers across offices. Tessolve will use the funds to expand global delivery centers, upgrade advanced semiconductor test labs, and accelerate strategic M&A, consolidating its position in the global and Indian semiconductor value chain.

Rising demand for semiconductor engineering services—driven by trends in AI, automotive electrification, and cloud adoption—has attracted private equity interest beyond manufacturing, with Tessolve serving as a key ecosystem enabler.

As supply chain risks (tariffs, export controls, and critical material shortages) heighten, companies and investors are redirecting capital to regions that promise policy support, talent, and flexible value chain expansion—India squarely fits this profile in 2025.

India’s semiconductor market, valued at $38 billion in 2023, is projected to reach $45–50 billion by end 2025 and over $100 billion by 2030, driven by domestic demand, government incentives, and supply chain diversification efforts

Khaitan’s transaction team comprised partners Kartick Maheshwari, Gautam Suseel and Hardik Bhatia, counsel Sweta Rao, principal associate Shreyas Bapat and senior associate Rhythm Chopra.

Khaitan’s due diligence team comprised partner Nirupam Lodha, principal associate Shivangi Narang, senior associates Vivek Narayan, Simran Sharma and Toshani Mukherjee, and associates Insaf Ahamad T K, Tasneem Husain, Vidya Shenoy, Harshit Sawale and Ajay Kranthi Kothwal.

The Trilegal transaction team was led by partners Amit Khansaheb, Vishruta Kaul, and Kirti Balasubramanian, and supported by senior associates Sanchita Kumari and Advaye Sawhny, and associate Paarth Samdani.

Trilegal partner Aparna Mehra, senior associate: Kshitij Sharma and associate Ashlesha Singhal assisted on antitrust aspects of the deal.

CAM’s transaction team was led by partner Aditi Manchanda, with support from director Kushal Ramotre, and associate Kaushik Raichura. Principal associate Thangadurai V.P, assisted in taxation aspects of the transaction.

CAM had also previously advised Novo Tellus in 2021 on its initial investment in Tessolve of $40 million.