Pramod Bhasin, the founder of Genpact, has completed the purchase of the Indian leasing and commercial lending arm of GE Capital, according to news reports.
In a joint venture known as Plutus Financials, Bhasin, together with former head of commercial finance at GE Capital Anil Chawla and AION Capital Partners, acquired the operations for a rumoured $330m (£247m).
Prior to founding Genpact, Bhasin played a key role in establishing GE Capital’s commercial and retail lending and leasing business in 1993.
Bhasin and Chawla will each own 5%, and the remaining 90% will belong to AION Fund. The fund is focused on India, and was established by an affiliate of Apollo Global Management together with ICICI Venture.
The two former GE employees are expected to bring $20m as their equity contribution, while the remainder of the $130m total equity will be funded by affiliates of Apollo.
Credit Suisse was banker to the transaction when it was first announced in March.