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TPG, ICICI Bank and GIC to Acquire Aseem Infra NBFC in INR 4,000 Crore Green Finance Deal

Global investment firm TPG, in partnership with ICICI Bank and Singapore’s GIC, is set to acquire infrastructure-focused non-banking financial company Aseem Infrastructure Finance Limited in a deal valued at around Rs4,000 crore. The transaction marks a significant push toward scaling green financing initiatives in India.

As part of the agreement, the acquiring consortium will take over Aseem’s entire operations, including its existing team, Rs1,800 crore loan portfolio, and brand identity. The current shareholders—including National Investment and Infrastructure Fund II, the Government of India, and Sumitomo Mitsui Banking Corporation—are expected to exit their holdings following the completion of the deal.

Founded about six years ago, Aseem Infrastructure Finance has played a key role in funding long-term infrastructure projects, with a strong focus on renewable and clean energy. The acquisition aligns with TPG’s broader strategy to expand its climate-focused investments through its global platform, TPG Rise Climate, which had committed an initial $1 billion toward green transition opportunities in emerging markets like India.

The transaction is expected to be formalized shortly and could rank among the largest equity investments in India’s infrastructure lending space. While the overall deal value is estimated to be closer to Rs5,000 crore, the net proceeds for Aseem’s existing investors will be around Rs4,000 crore after adjustments, including stake transfers within affiliated entities.

Financially, Aseem has demonstrated steady growth, reporting a net worth of Rs3,267 crore as of March 2025. The company has also been increasing its exposure to greenfield infrastructure projects, which now form a notable share of its overall portfolio.

This acquisition reflects growing investor confidence in India’s green infrastructure financing sector, as demand rises for capital to support the transition toward sustainable and low-carbon energy systems.