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.
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(END) Dow Jones Newswires
April 28, 2017 02:30 ET (06:30 GMT)