Mumbai: Global private equity firm TPG, along with GIC and ICICI Bank, has acquired a 100% stake in Aseem Infrastructure Finance, the companies said in a statement on Monday.
The transaction is valued at about ₹5,000 crore, according to a person with direct knowledge of the matter, though the companies did not disclose the deal’s exact details.
ICICI Bank will hold up to 5% in the Mumbai-based non-banking financial company (). TPG made the investment through TPG Rise Climate, its dedicated climate platform, as part of the Global South Initiative, which was launched in partnership with ALTÉRRA to scale climate solutions across emerging markets.
“Aseem has been a first mover in India’s sustainable debt financing space, having built a platform that is uniquely positioned to address the country’s growing climate debt financing needs,” said Sanjeev Mehra, business unit partner at TPG Capital Asia. The investment, aimed at driving energy capacity addition and resilience, is part of the private equity firm’s strategy to align with the India’s target to reach 500GW of renewable energy capacity by 2030.
Aseem is a leading sustainable debt financier with a core focus on renewable energy, power transmission and other infrastructure assets in India. It was established in 2020 by the National Investment and Infrastructure Fund (NIIF), India’s sovereign-anchored alternative asset manager. was the company’s majority shareholder, with the Government of India and SMBC Japan holding minority stakes.
To date, Aseem has disbursed over ₹40,000 crore in loans across critical infrastructure sectors, funding over 27 GW of renewable energy projects.
“Aseem’s growth journey reflects NIIF’s ability to incubate 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 financing market,” said Nilesh Shrivastava, partner, growth equity, NIIF.
ICICI Securities acted as financial advisor to Aseem and NIIF while EY acted as the financial advisor to TPG and GIC.