Old Mutual to Sell Kotak Mahindra Joint-Venture Stake

By Rory Gallivan Features Dow Jones Newswires

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.

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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)