An investment group led by TPG (TPG) reached a definitive deal to acquire Aseem Infrastructure Finance, an Indian non-bank lender focused on environmental projects, for roughly 40 billion Indian Rupees ($424.2 million), Bloomberg News reported Friday, citing people familiar with the matter.

The buyers, which include GIC and ICICI Bank (IBN), intend to fold the target business into a freshly formed joint enterprise to capture opportunities within the nation's growing clean energy market, the news outlet reported.

The coalition plans to supply a combined 60 billion rupees to capitalize the new financing unit, with ICICI Bank expected to retain a roughly 5% ownership interest, according to the report.

Once its staff is fully assembled, the operations will be handled by Manish Chourasia, who was previously with Tata Cleantech Capital, Bloomberg reported, citing the sources.

TPG, GIC, ICICI Bank, and Aseem Infrastructure Finance did not immediately respond to MT Newswires' request for comment.

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