Shearman & Sterling is advising General Electric Corporation (GE) on the sale of its commercial lending and leasing businesses in India, GE Capital Services India (GE Capital) and GE Money Financial Services Private Limited (GE Money), to a consortium of former GE Capital management backed by AION Capital Partners. The deal is subject to customary regulatory approvals.
Both GE Capital and GE Money offer services including corporate loans and equipment leasing, as well as financings for healthcare equipment, aircraft and auto lease in India. The buying consortium comprises former GE Capital executives Pramod Bhasin and Anil Chawla and AION Capital (a joint venture between ICICI and Apollo).
The sale of GE’s commercial lending and leasing businesses in India marks an important step for this strategic global divestment, allowing GE to focus on its core manufacturing business.