A consortium led by TPG Inc., along with GIC Pte and ICICI Bank Ltd., is set to acquire Aseem Infrastructure Finance Ltd., India’s leading shadow lender focused on green financing, in a deal worth around Rs 4,000 crore, said media reports.
The acquisition will see Aseem merge into a newly formed joint venture, marking a significant consolidation in the country’s clean energy financing space.
According to a report by Moneycontrol, GIC, TPG, and ICICI Bank will collectively invest around Rs 60 billion in a newly formed non-banking finance company, which is set to commence operations after building its core team. As part of the structure, ICICI Bank is expected to hold approximately 5% stake in the new entity.
Aseem Infrastructure Finance, a six-year-old entity majority owned by India’s quasi-sovereign National Investment & Infrastructure Fund (NIIF), has reported strong growth in recent years. Its assets under management rose to Rs 15,431 crore in the year ended March 2025. Profit after tax (PAT) grew at 88% CAGR from Rs 21 crore to Rs 262 crore over the same period.
Aseem operates as an integrated infrastructure financing platform, offering end-to-end financial solutions for large-scale and complex infrastructure projects. From roads and renewable energy to electric mobility, data centres and urban infrastructure, the company has expanded its footprint across diverse sectors.
