Kotak Mahindra Bank has got a go ahead from The Competition Commission of India (CCI) to buy out the 26% stake of joint venture partner Old Mutual in Kotak life insurance arm for Rs 1,293 crore.
Kotak Mahindra Life Insurance Limited is a private Life Insurance company in India. The company is jointly owned by Kotak Mahindra Bank, its affiliates and Old Mutual of South Africa in 74:26 ratio respectively.
Old Mutual plc was established in 1845 in South Africa. It is an investment, savings, insurance, and banking group with nearly 20 million customers.
Kotak Mahindra Bank will pay Rs 1,292.7 crore to Old Mutual PLC for acquiring 26 per cent stake in the life insurance joint venture.
