TPG Partners ICICI Bank, GIC to Buy Aseem Infra Finance From NIIF

Global private equity firm TPG on Monday announced it will buy 100% stake in Aseem Infrastructure Finance from NIIF and others for an undisclosed sum.

TPG said it has partnered with Singapore's GIC and ICICI Bank for the investment, which will be done through its climate investing platform 'TPG Rise Climate'.

The second largest private sector lender will hold up to 5% stake in the 2020-founded Aseem Infrastructure, as per an official statement.

Aseem Infrastructure was founded by the government-promoted National Investment and Infrastructure Fund (NIIF), and counts on the Government of India and Japan's SMBC as minority shareholders.

Over the last six years, it has become a leading sustainable infrastructure debt financier with a core focus on renewable energy, power transmission and other infrastructure assets within the country.

It has disbursed over ₹40,000 crore of loans which have funded over 27 GW of renewable energy projects, and 2,000 km of power transmission projects, cumulatively abating 33 million tonnes of greenhouse gas emissions, the statement claimed.

TPG Capital Asia's business unit partner Sanjeev Mehra called Aseem Infrastructure as an early mover in the sustainable debt financing space which is uniquely positioned to address the country's growing climate finance requirements.

"Aseem's growth journey reflects NIIF's ability to incubate and scale institutional-grade platforms, with strong profitability, governance and asset quality," NIIF's partner for growth equity, Nilesh Shrivastava, said.