General Electric (GE) Completes India Commercial Lending and Leasing Unit Sale
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
GE (NYSE: GE) announced that it has completed the sale of its Commercial Lending and Leasing business in India to a consortium of former GE Capital executives led by Pramod Bhasin and Anil Chawla and backed by AION Capital Partners. The transaction represents ending net investment (ENI) of approximately $0.4 billion as of the end of the second quarter of 2016.
“We’re pleased to complete the sale of our commercial finance business in India to a well-regarded ownership team,” said Rich Laxer, GE Capital CEO. “As we continue to execute on our strategy to significantly reduce the size of GE Capital, we wish our commercial finance employees in India the very best.”
GE continues to be a long-term player in India with over 18,500 employees across the transportation, aviation, energy, healthcare and financial services sectors, and is committed to partnering with India in its growth and development.
As previously announced, GE is focusing on its high-value industrial businesses and is selling most of GE Capital’s assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses. Since the April 2015 announcement, GE Capital has signed agreements for the sale of approximately US$192 billion of businesses and has closed approximately US$170 billion of those transactions. GE Capital plans to have largely completed the process of selling approximately $200 billion of businesses by the end of 2016 and believes it is on track to deliver approximately US$35 billion of dividends to GE under this plan.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- General Electric (GE) Reports In-Line Q4 EPS
- General Electric (GE) January 31 straddle priced for movement of 2.1% into Q4
- Interpace Diagnostics (IDXG) Enters Pact With Israeli Specialty Services Provider Best Med
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Spinoffs
Related EntitiesTwitter, Dividend, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!