CCI Approves TPG-Backed Acquisition of Aseem Infrastructure Finance

The Competition Commission of India (CCI) has approved a proposed combination involving the acquisition of Aseem Infrastructure Finance Limited (Aseem) by TPG Nicobar SG Pte. Ltd. (Nicobar) and related transactions, according to a PIB release dated September 1, 2026. 

Acquisition of Aseem Infra 

Under the proposed transaction, TPG Nicobar will acquire 100% of the share capital of Aseem Infrastructure Finance. Subsequently, ICICI Bank Limited will acquire 5% of Aseem Infra’s share capital from TPG Nicobar. The acquisition by TPG Nicobar will be funded by TPG Rise Climate GSI SF Pte. Ltd. (TPG Rise) and Clydo Investments Pte. Ltd. (Clydo). 

Divestment of IFL Stake 

As part of the proposed combination, Aseem Infra Finance will sell its entire shareholding in NIIF Infrastructure Finance Limited (IFL), representing 30.83% of IFL’s share capital, to National Investment and Infrastructure Fund II (NIIF II), acting through its investment manager, National Investment and Infrastructure Fund Limited. 

Proposed Merger of CFIPL with Aseem 

Following the closing of the Aseem Infra Finance acquisition, TPG Nicobar intends to merge Climate Finance India Private Limited (CFIPL), its subsidiary, into Aseem, with Aseem continuing as the surviving entity. 

Entities Involved after CCI Approval

TPG Nicobar is a special purpose vehicle ultimately owned by TPG, Inc. through TPG Rise and Clydo. TPG invests in asset classes including private equity, real estate and public market strategies. 

Aseem Infra Finance is a Reserve Bank of India (RBI)-registered, non-deposit taking middle layer NBFC-Infrastructure Finance Company (NBFC-IFC), primarily providing loans and lending services to infrastructure-sector companies. 

CFIPL is an RBI-registered non-deposit taking NBFC-Investment and Credit Company (NBFC-ICC). IFL is a non-deposit taking NBFC infrastructure debt fund registered under Chapter III-B of the RBI Act, 1934, while NIIF II is a Category-II alternative investment fund registered with SEBI.