A consortium led by US-based private equity firm TPG has signed a pact to acquire Aseem Infrastructure Finance Ltd from the National Investment and Infrastructure Fund (NIIF), the Indian government and Japan’s Sumitomo Mitsui Banking Corp.
The consortium also includes Singapore sovereign wealth fund GIC and Mumbai-listed ICICI Bank, which will take a 5% stake in the non-bank lender to the infrastructure sectors, according to a press release. It didn’t disclose financial terms of the deal.
The American PE firm said it is making the investment through TPG Rise Climate, the firm’s climate investing platform, as part of its Global South Initiative that was launched in partnership with the UAE-backed climate fund ALTÉRRA.
Aseem Infrastructure is currently 59.05% owned by NIIF, 30.95% by the Indian government and 10% by SMBC.
Separately, Mumbai-headquartered Aseem Infrastructure said in a stock-exchange filing it will sell its 30.83% stake in NIIF Infrastructure Finance Ltd (NIIF IFL), which manages infrastructure debt funds, to NIIF as part of the broader transaction. NIIF already owns 39.7% of NIIF IFL while the government owns 25.1% and HDFC Bank holds 4.4%.
