Old Mutual sells 26% stake in Kotak Mahindra JV

Kotak Mahindra

Anglo African financial services group, Old Mutual has confirmed that it has sold off its 26% stake in India’s Kotak Mahindra JV.

In a statement released earlier today, Old Mutual said:

Old Mutual plc (‘Old Mutual’) today announces that it has completed the sale of its 26% stake in Kotak Mahindra Old Mutual Life Insurance Limited to its joint venture partner Kotak Mahindra Bank Limited. The sale was announced on 27 April 2017.

The consideration for the transaction, net of hedging and tax, was £138 million. Old Mutual will use the proceeds from the transaction for general corporate purposes.