TPG, GIC and ICICI Bank acquire Aseem Infrastructure Finance for ₹5,000 crore

Mumbai: Global private equity firm TPG has acquired 100% stake in Aseem Infrastructure Finance along with GIC and ICICI Bank, the companies said in a statement on Monday.

The value of the transaction is approx. ₹5,000 crore, according to a person with direct knowledge of the matter, but the companies did not disclose the exact details of the deal.

TPG and GIC will hold 65% and 25% stake respectively in the non-banking finance company (NBFC), while ICICI Bank will hold 5% stake and the remaining 5% will be allocated to employee stock options (ESOPs). TPG made the investment through its dedicated climate platform TPG Rise Climate as part of its Global South Initiative launched in partnership with ALTÉRRA to scale climate solutions in emerging markets.

“Aseem has been an early mover in India’s sustainable debt financing space, building a platform that is uniquely positioned to meet the country’s growing climate debt financing needs,” said Sanjeev Mehra, business unit partner at TPG Capital Asia. The investment, which aims to increase energy capacity and improve resilience, is part of the private equity firm’s strategy to align with India’s target of reaching 500 GW of renewable energy capacity by 2030.

Mumbai-based Aseem is a leading sustainable Infrastructure debt financier in India focusing on renewable energy, power transmission and other infrastructure assets. It was founded in 2020 by the National Investment and Infrastructure Fund (NIIF), India’s sovereign-linked alternative asset manager. NIIF was the majority shareholder of the company, with the Government of India and SMBC Japan holding minority stakes.

To date Aseem has paid so far ₹40,000 crore loans in critical infrastructure sectors, financing over 27 GW of renewable energy projects.

“Aseem’s growth journey reflects NIIF’s ability to develop and scale institutional-grade platforms with strong profitability, governance and asset quality. This transaction underscores growing global investor confidence in India’s sustainable infrastructure and climate finance market,” said NIIF growth capital partner Nilesh Shrivastava.

ICICI Securities acted as financial advisor to Aseem and NIIF, while EY acted as financial advisor to TPG and GIC.