GE to sell India financial services business to Aion, former execs | Reuters

General Electric Co (GE.N) 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.

(Reporting by Sweta Singh in Bengaluru; Editing by Shounak Dasgupta)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Mar 03, 2016 00:45 AM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See