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Old Mutual completes sale of stake in Indian life insurance JV

Old Mutual Plc completed the sale of its 26% stake in Kotak Mahindra Old Mutual Life Insurance Ltd. to joint venture partner Kotak Mahindra Bank Ltd.

Consideration for the deal, net of hedging and tax, was £138 million. Old Mutual said it will use the proceeds for general corporate purposes.

Following the transaction, Kotak Mahindra Bank now owns 100% of the Indian life insurance joint venture, which it established with Old Mutual in 2011.