By Rory Gallivan

LONDON--Investment, savings, insurance and banking services company Old Mutual PLC (OML.LN) has agreed to sell its stake in Indian insurance company Kotak Mahindra Old Mutual Life Insurance Ltd. to its joint-venture partner, Kotak Mahindra Bank Ltd., for 12.93 billion rupees ($201 million) before tax.

Old Mutual said Friday the sale of the 26% stake in the joint venture should result in a net receipt of INR11.7 billion and should complete in the second half of this year.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

April 28, 2017 02:30 ET (06:30 GMT)

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