Old Mutual to Sell Kotak Mahindra Joint-Venture Stake
April 28 2017 - 1:45AM
Dow Jones News
By Rory Gallivan
LONDON--Investment, savings, insurance and banking services
company Old Mutual PLC (OML.LN) has agreed to sell its stake in
Indian insurance company Kotak Mahindra Old Mutual Life Insurance
Ltd. to its joint-venture partner, Kotak Mahindra Bank Ltd., for
12.93 billion rupees ($201 million) before tax.
Old Mutual said Friday the sale of the 26% stake in the joint
venture should result in a net receipt of INR11.7 billion and
should complete in the second half of this year.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
April 28, 2017 02:30 ET (06:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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