Old Mutual sells its Indian JV stake for $200 million

Financial services group Old Mutual has announced that it will be selling its 26 percent stake in Kotak Mahindra Old Mutual Life Insurance to its joint venture partner, Kotak Mahindra Bank, for a little more than $200 million. The sale forms part of the group’s planned break-up into four parts.

According to Reuters, Old Mutual has also put its Chinese joint venture stake up for sale. The group is furthermore planning to list or sell Old Mutual Wealth and has cut its stake in South Africa's Nedbank. It has also started cutting its stake in US firm, Old Mutual Asset Management.