Government allies receive billions in NextGen EU funds amid takeovers of Indra and Talgo
Key firms that helped the Spanish government push through board changes at Indra and Talgo have been granted substantial non-repayable Next Generation EU subsidies.
A provisional list of awardees shows that the Basque firms Sapa Operaciones, Sidenor and Escribano Mechanical & Engineering have each secured significant non-repayable Next Generation EU grants, bringing their combined receipts to more than 94 million euros. Sapa, led by Jokin Aperribay, backed the government's 2022 board overhaul at Indra and later supported the appointment of Ángel Escribano as president. Sidenor, owned by José Antonio Jainaga, was instrumental in the state-led acquisition of a stake in Talgo, helping to block foreign bids.
Escribano Mechanical & Engineering entered Indra’s capital in 2023 and exited with a larger share in 2026, while also receiving sizable EU aid. Most of these subsidies were allocated after 2018, coinciding with the government's aggressive corporate interventions.
Why it matters
The story reveals how public funds are linked to politically sensitive corporate takeovers, raising questions about transparency and state influence.
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