GE entered an agreement to sell GE Capital’s India Commercial Lending and Leasing businesses, namely GE Capital Services India and GE Money Financial Services, to a consortium of former GE Capital management backed by AION Capital Partners, subject to regulatory approval.

The transaction includes about $400 million in ending net investment. The business constitutes auto leasing, healthcare financing and corporate lending and leasing. Employees will also transfer to the buyer.

As previously announced, GE is focusing on its industrial businesses and is selling most GE Capital assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses. Since the announcement in April 2015, GE Capital has signed agreements for approximately $158 billion and has closed $136 billion of those. In total, GE plans to sell approximately $200 billion of GE Capital businesses worldwide and expects to be largely complete with the process by the end of 2016.

The AION Fund, with approximately $825 million in committed capital, was established through a strategic partnership between affiliates of ICICI Venture and Apollo Global Management. 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.