Old Mutual withdraws from the Indian market
Old Mutual has assigned its 26% shareholding in Kotak Mahindra Old Mutual Life Insurance to its joint venture partner Kotak Mahindra for the amount of 12.9 billion INR (200 million USD).
The Anglo-South African group has, therefore, irreversibly quit the Indian market.
Old Mutual is also intent on reducing its shareholding in its American subsidiary, Old Mutual Asset Management from 50.8% to 25.9%. Such moves come within the framework of the company’s strategy to pull out from hardly profitable businesses. Old Mutual is now more focused on markets exhibiting high growth potential such as those of East and West Africa.
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