Special situations investor AION Capital Partners, a joint venture between private equity firms Apollo Global Management and ICICI Venture, has invested around US$150 million in Avantha Holdings, the holding company of India-based Avantha Group, a business conglomerate with diverse interests ranging from pulp and paper to power transmission to food processing. The deal involves AION subscribing to debentures of Avantha Holdings. The company intends to use the funds to repay debt and release pledge shares of the promoters.