TPG-led consortium to acquire Aseem Infra Finance; CAM, Linklaters, Trilegal, SAM advise

A TPG-led consortium, consisting of GIC and ICICI Bank, are set to acquire 100% of the share capital of Aseem Infrastructure Finance Limited, a non-banking financial company, from National Investment and Infrastructure Fund II, Sumitomo Mitsui Banking Corporation and the Government of India.

Cyril Amarchand Mangaldas advised TPG on this fundraise.

The transaction team was led by Iqbal Khan (Senior Partner) and Ashid Basheer (Partner), with assistance from Pranav Tolani (Principal Associate) and Subbalaxmi S (Principal Associate); Shreya Mukherjee (Senior Associate); Associates Gunjan Singh, Ishaan Kulshrestha, and Sanjana Reddy.

L. Viswanathan (Senior Partner) provided strategic inputs.

Pranav Sharma (Partner) and Jian Johnson (Partner), with assistance from Sukriti Sarwan (Principal Associate); Shobhit Dave (Senior Associate); Associates Yusuf Kathawala, Eesha Tirodkar, Medha Puvvala, Kruttika Lokesh, Naomi Manoj, Prakhar Khandal, Aswath Srinivasan, and Ryan Joseph, advised on regulatory and finance aspects.

Avaantika Kakkar (Partner, Head - Competition), with assistance from Anshul Jain (Senior Consultant); Vanya Agarwal (Senior Associate) and Pushkar Singh (Senior Associate); Associates Kartik Mishra and Arundhati Rajput, advised on competition aspects.

Linklaters acted as legal advisors to TPG and GIC.

Trilegal advised Aseem Infra Finance on this transaction. The Firm assisted with transaction structuring and negotiation of transaction documents.

The Firm also advised the Company on sale of its 30.83% shareholding in NIIF Infrastructure Finance Limited to National Investment and Infrastructure Fund II.

The transaction was led by Kunal Chandra (Partner) and Tanya Nanda (Partner), with support from Mayank Jain (Senior Associate).

Gautam Chawla (Partner) and Ankush Walia (Counsel) advised on Competition law aspects of the transaction.

Shardul Amarchand Mangaldas & Co acted as legal advisor to National Investment and Infrastructure Fund II.

Aseem Infra Finance, established in 2020 by NIIF, is a prominent sustainable infrastructure debt financier, specializing in renewable energy, power transmission, and other infrastructure sectors. So far, Aseem has provided loans exceeding ₹40,000 crore to vital infrastructure projects.

This transaction is part of TPG’s Global South Initiative, designed to scale climate solutions across emerging markets and to establish and strengthen TPG's presence in the infrastructure financing segment in India, with a focus on green energy and climate finance.

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