RSA sells minority stake in joint venture to Indian partner
Thursday, 19 February 2015 00:12
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LONDON, Feb 18 (Reuters): British insurer RSA said it had sold its 26 percent holding in Indian insurer Royal Sundaram Alliance Insurance Company to its joint venture partner Sundaram Finance.
RSA said it expected to receive 46 million pounds ($71 million) in cash for the stake and would make a 16-million-pound profit on the sale, which it expected to complete within six months.
“This transaction continues the excellent momentum of our disposal program and represents further progress in tightening the strategic focus of the group,” said Chief Executive Stephen Hester.
