The Competition Commission of India (CCI) has granted approval for a multi-part transaction involving Aseem Infrastructure Finance Limited. The approved combination consists of three main components: TPG Nicobar SG Pte. Ltd. will acquire 100% share capital of Aseem Infrastructure Finance Limited, with funding provided by TPG Rise Climate GSI SF Pte. Ltd. and Clydo Investments Pte. Ltd. Following this acquisition, ICICI Bank Limited will acquire 5% share capital of Aseem from Nicobar.
The transaction also includes Aseem divesting its entire 30.83% shareholding in NIIF Infrastructure Finance Limited to National Investment and Infrastructure Fund II, acting through its investment manager National Investment and Infrastructure Fund Limited. Post-closing of the acquisition, Nicobar intends to merge its subsidiary Climate Finance India Private Limited into Aseem, with Aseem remaining as the surviving entity.
Aseem Infrastructure Finance Limited is a non-deposit taking middle layer NBFC registered with the RBI as an NBFC-Infrastructure Finance Company (NBFC-IFC), primarily involved in providing loans and lending services to companies in the infrastructure sector. Nicobar is a special purpose vehicle ultimately owned by TPG, Inc. through TPG Rise and Clydo, with investments across private equity, real estate, and public market strategies. Climate Finance India Private Limited is an RBI-registered Non-Banking Financial Company-Investment and Credit Company (NBFC-ICC), while NIIF Infrastructure Finance Limited is registered as a non-deposit taking NBFC-Infrastructure Debt Fund (NBFC-IDF) under Chapter III B of the Reserve Bank of India Act, 1934.