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

Priyamvada CSneha Shah
Published6 Jul 2026, 03:40 PM IST
TPG made the investment through TPG Rise Climate, its dedicated climate platform, as part of the Global South Initiative.
TPG made the investment through TPG Rise Climate, its dedicated climate platform, as part of the Global South Initiative.

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.

TPG and GIC will respectively hold 65% and 25% stakes in the non-banking financial company (NBFC), while ICICI Bank will own 5%, with the remaining 5% allocated to employee stock options (ESOPs). 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.

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“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.

Mumbai-based Aseem is a leading sustainable infrastructure 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. NIIF was the company’s majority shareholder, with the Government of India and SMBC Japan holding minority stakes.

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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.

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About the Authors

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.<br><br>Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.<br><br>Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.

Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.

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