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Old Mutual to sell India insurance JV stake to Kotak for $202 million
April 28, 2017 / 2:47 AM / 7 months ago

Old Mutual to sell India insurance JV stake to Kotak for $202 million

(Reuters) - Britain’s Old Mutual Plc (OML.L) said it would sell its 26 percent stake in Kotak Mahindra Old Mutual Life Insurance Ltd to Kotak Mahindra Bank Ltd (KTKM.NS) for about 12.93 billion rupees ($201.7 million)(£156.28 million).

Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings

The sale will end Old Mutual’s joint venture with Kotak Mahindra Bank, the company said late Thursday.

The net consideration after tax is 11.7 billion rupees, Old Mutual said.

The deal, which is subject to regulatory approval, is expected to be completed in the second half of the year.

Old Mutual is in the midst of breaking up its business in four parts by the end of next year. The firm aims to list or sell its emerging markets business and is sharpening focus on its sub-Saharan Africa business.

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier

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