General Electric Co said it would sell its India commercial lending and leasing businesses to a consortium of former GE Capital executives and Aion Capital Partners as it looks to trim itself and focus on its industrial businesses.
The transaction represents about $400 million in ending net investment and includes businesses such as auto leasing, healthcare financing and corporate lending and leasing.
Employees would also be transferred to the buyer, the company said.
Aion has partnered with former GE Capital executives Pramod Bhasin and Anil Chawla for the acquisition. Bhasin was formerly the head of GE Capital in India and Asia. Chawla was the head of the commercial business operations of GE Capital India.
Aion is a joint venture between ICICI Venture and Apollo Global Management.