A TPG-led consortium has signed definitive agreements to acquire 100% of the share capital of Aseem Infrastructure Finance Limited, marking one of the most significant transactions in India’s sustainable infrastructure debt financing space. The deal, announced on 7 July 2026, brings together TPG, GIC, and ICICI Bank as acquirers, with four major law firms advising across all sides of the transaction.
Introduction
TPG, a leading global alternative asset management firm, announced it has signed definitive agreements to acquire a 100% stake in Aseem Infrastructure Finance alongside co-investor partners GIC and ICICI Bank. The target is a non-banking financial company, with the sellers being National Investment and Infrastructure Fund II (NIIF II), Sumitomo Mitsui Banking Corporation (SMBC), and the Government of India. ICICI Bank will hold up to 5% in the company.
TPG’s investment is being made through TPG Rise Climate, the firm’s dedicated climate investing platform, as part of its Global South Initiative — a strategy launched in partnership with ALTÉRRA and designed to scale climate solutions across emerging markets. The transaction remains subject to customary regulatory approvals and closing conditions.
Headquartered in Mumbai, Aseem Infrastructure Finance is a leading sustainable infrastructure debt financier with a core focus on renewable energy, power transmission, and other infrastructure assets in India, founded and scaled from inception in 2020 by NIIF, India’s sovereign-anchored alternative asset manager. The mandate also included the sale of Aseem Infrastructure Finance Limited’s 30.83% shareholding in NIIF Infrastructure Finance Limited to NIIF II.
Legal Teams Involved
Cyril Amarchand Mangaldas — Advised TPG
Transaction Team
- Iqbal Khan — Senior Partner (team lead)
- Ashid Basheer — Partner (team lead)
- Pranav Tolani — Principal Associate
- Subbalaxmi S — Principal Associate
- Shreya Mukherjee — Senior Associate
- Gunjan Singh — Associate
- Ishaan Kulshrestha — Associate
- Sanjana Reddy — Associate
- L. Viswanathan — Senior Partner (strategic inputs)
Regulatory and Finance Team
- Pranav Sharma — Partner
- Jian Johnson — Partner
- Sukriti Sarwan — Principal Associate
- Shobhit Dave — Senior Associate
- Yusuf Kathawala — Associate
- Eesha Tirodkar — Associate
- Medha Puvvala — Associate
- Kruttika Lokesh — Associate
- Naomi Manoj — Associate
- Prakhar Khandal — Associate
- Aswath Srinivasan — Associate
- Ryan Joseph — Associate
Competition Team
- Avaantika Kakkar — Partner, Head – Competition
- Anshul Jain — Senior Consultant
- Vanya Agarwal — Senior Associate
- Pushkar Singh — Senior Associate
- Kartik Mishra — Associate
- Arundhati Rajput — Associate
Linklaters — Advised TPG and GIC
Linklaters provided legal guidance to TPG and GIC. Further details of the Linklaters team were not disclosed.
Trilegal — Advised Aseem Infrastructure Finance Limited
Trilegal advised Aseem Infrastructure Finance Limited on the 100% sale of its shareholding from its existing shareholders to TPG Nicobar SG Pte., a subsidiary of TPG Rise Climate. Trilegal assisted with transaction structuring and the negotiation of transaction documents for both phases of the proposed transaction.
Corporate Practice Team
- Kunal Chandra — Partner (team lead)
- Tanya Nanda — Partner (team lead)
- Mayank Jain — Senior Associate
Competition Practice Team
- Gautam Chawla — Partner
- Ankush Walia — Counsel
Shardul Amarchand Mangaldas & Co — Advised National Investment and Infrastructure Fund II
Shardul Amarchand Mangaldas & Co acted as legal advisors to NIIF. Further details of the SAM team were not disclosed.
Significance and Impact
To date, Aseem has disbursed over ₹40,000 crore of loans across critical infrastructure sectors, funding over 27 GW of renewable energy projects and approximately 2,000 circuit kilometres of power transmission projects, cumulatively abating approximately 33 million tonnes of greenhouse gas emissions.
The transaction forms part of TPG’s Global South Initiative, which is designed to scale climate solutions across emerging markets and strengthen TPG’s presence in India’s infrastructure financing sector, with a particular focus on green energy and climate finance. The deal is notable for the breadth of its legal advisory architecture — spanning two Indian full-service firms, one Magic Circle international firm, and a specialist competition practice across four separate mandates.
The transaction also carries a dual-limb structure. Beyond the 100% ownership transfer, the mandate included Aseem’s disposal of its 30.83% shareholding in NIIF Infrastructure Finance Limited back to NIIF II, adding a layer of complexity that required coordinated advice across corporate, regulatory, finance, and competition practice areas. For more Indian M&A and infrastructure deal coverage, see the Deal Meter.
TPG’s signing of definitive agreements to acquire 100% of Aseem Infrastructure Finance alongside GIC and ICICI Bank represents a consequential moment for India’s climate finance ecosystem. With four firms — Cyril Amarchand Mangaldas, Linklaters, Trilegal, and Shardul Amarchand Mangaldas & Co — deploying large, multi-practice teams, the deal reflects both the scale and regulatory complexity of large NBFC acquisitions in India’s infrastructure sector. The transaction remains subject to customary regulatory approvals and closing conditions.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
