GE Capital India to sell financial services arm to Aion Capital, ex-staffers

GE Capital India has agreed to sell its financial services business to a consortium led by Aion Capital Partners and ex-GE Capital executives Pramod Bhasin and Anil Chawla.

The sale includes financial services businesses of GE Capital India comprising auto leasing, healthcare financing and corporate lending and leasing, Aion Capital said here.

The sale is part of the global plan to exit consumer finance business announced last year. The financial details of the sale have not been disclosed.

GE Capital has a joint venture with the nation's largest lender State Bank of India for its credit card business based in Gurgaon.

The consortium has signed an agreement to acquire these businesses and the transaction is subject to statutory and regulatory approvals, Aion's statement added.

Aion Capital Partners is an India-focused fund established by an affiliate of Apollo Global Management with ICICI Venture Funds Management Company.

Bhasin is a GE veteran having headed GE Capital India. He started GE Capital's businesses in the country.

He is also considered a pioneer in the BPO industry in the country, having started GE Capital International Services which subsequently became Genpact.

Chawla was the head of the commercial business operations of GE Capital India. He has also helped DE Shaw's business in the country.

Started in 1993, GE Capital's non-banking finance company operations in the country have served over 10 million corporate and retail customers through its three key verticals of auto, healthcare (medical equipment) and corporate loans.

The statement said Aion intends to retain and build on the current management team.