A consortium spearheaded by investment giant TPG, comprising GIC and ICICI Bank, is set to acquire the entire share capital of Aseem Infrastructure Finance Limited. This acquisition will mark a significant transition of Aseem, a non-banking financial company, from its current stakeholders: the National Investment and Infrastructure Fund II (NIIF II), Sumitomo Mitsui Banking Corporation, and the Government of India.
Advisory Firms and Legal Counsel
Cyril Amarchand Mangaldas, a prestigious law firm, has been engaged to advise TPG on this strategic acquisition. The transaction team is led by Senior Partner Iqbal Khan and Partner Ashid Basheer, with Principal Associates Pranav Tolani and Subbalaxmi S, alongside Senior Associate Shreya Mukherjee and Associates Gunjan Singh, Ishaan Kulshrestha, and Sanjana Reddy. Strategic insights were provided by L. Viswanathan, another Senior Partner at the firm.
Additional legal guidance on regulatory and finance aspects was provided by Partners Pranav Sharma and Jian Johnson, supported by Principal Associate Sukriti Sarwan and Senior Associate Shobhit Dave. The team also included Associates Yusuf Kathawala, Eesha Tirodkar, Medha Puvvala, Kruttika Lokesh, Naomi Manoj, Prakhar Khandal, Aswath Srinivasan, and Ryan Joseph.
Competition law aspects were overseen by Partner and Head of Competition, Avaantika Kakkar, with assistance from Senior Consultant Anshul Jain, Senior Associates Vanya Agarwal and Pushkar Singh, and Associates Kartik Mishra and Arundhati Rajput.
Additional Legal Support
Linklaters has been appointed as the legal advisors to TPG and GIC, providing critical international insights into the transaction.
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Trilegal, another respected law firm, represented Aseem Infra Finance, advising on transaction structuring, negotiation of transaction documents, and the sale of its 30.83% stake in NIIF Infrastructure Finance Limited to NIIF II. Kunal Chandra and Tanya Nanda, both Partners at Trilegal, led the firm’s efforts, supported by Senior Associate Mayank Jain. Competition law matters were handled by Partner Gautam Chawla and Counsel Ankush Walia.
Shardul Amarchand Mangaldas & Co served as legal advisors to NIIF II, ensuring a smooth transition of Aseem’s ownership.
Aseem Infra Finance and Future Prospects
Established in 2020 by NIIF, Aseem Infra Finance has made a name for itself as a key player in sustainable infrastructure financing, focusing on renewable energy and power transmission. The company has already extended loans exceeding ₹40,000 crore to crucial infrastructure projects.
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This acquisition is part of TPG’s Global South Initiative, aimed at enhancing climate solutions across emerging markets. The move is anticipated to bolster TPG’s footprint in India’s infrastructure financing sector, with an emphasis on green energy and climate finance.
