18th Feb 2015 07:07
LONDON (Alliance News) - RSA Insurance Group PLC on Wednesday said it has agreed a deal to sell its minority stake in Indian insurance company Royal Sundaram Alliance Insurance Co Ltd to joint venture partner Sundaram Finance Ltd.
Sundaram will pay GBP46 million in cash to RSA to acquire the FTSE 100-listed insurer's 26% stake in the company.
RSA expects to complete the deal 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 RSA Chief Executive Stephen Hester.
By Sam Unsted; [email protected]; @SamUAtAlliance
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