Shearman & Sterling and Shardul Amarchand Mangaldas have advised GE on the sale of the financial service businesses of GE Capital India to a a buyer group represented by Cyril Amarchand Mangaldas and Allen & Overy.

The buyer, Plutus Financials, was set up by former GE veterans Pramod Bhasin and Anil Chawla, and is backed by Aion Capital Partners, a joint venture between US buyout giant Apollo Global Management and ICICI Venture. 

The deal value was not officially disclosed but insiders believe it to be around $330 million, according to reports in local media. 

The Shearman & Sterling team working on the deal was led by partner Sidharth Bhasin.