TPG-Led Consortium to Buy India’s Top Green Finance Shadow Bank

A consortium led by TPG Inc. has signed a formal agreement to buy India’s top shadow lender specializing in green financing, underscoring foreign investors’ appetite for the country’s fast-growing environmental projects.

The investor group, which also includes GIC Pte and ICICI Bank Ltd., will acquire Aseem Infrastructure Finance Ltd. for about 40 billion rupees ($425 million) and merge it with its newly created joint venture entity, according to people familiar with the matter.