LONDON (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 programme and represents further progress in tightening the strategic focus of the group," said Chief Executive Stephen Hester.
($1 = 0.6516 pounds)
(Reporting by Matt Scuffham; Editing by Pravin Char)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app