RSA Insurance Group plc announced that it agreed the sale of its 26 percent holding in Indian insurer Royal Sundaram Alliance Insurance Company Limited to Sundaram Finance Limited, its joint venture partner.
RSA expects to receive cash consideration of approximately 拢46 million ($70.7 million), and the transaction is expected to result in a gain on sale of approximately 拢16 million ($24.6 million) and an addition to the group’s tangible net assets of approximately 拢19 million ($29.2 million).
Completion is expected within six months.
Stephen Hester, RSA Group chief executive said:
“This transaction continues the excellent momentum of our disposal program and represents further progress in tightening the strategic focus of the group.”
Source: RSA Insurance Group
Topics Mergers & Acquisitions India
Was this article valuable?
Here are more articles you may enjoy.
Developer Downplays Structural Concerns at ‘Unstable’ Midtown Manhattan Tower 
NYC to Publicly Identify Buildings Testing Positive for Legionnaires’ Bacteria 
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
Tech and Finance Sectors Losing 28,000 Jobs Monthly Show AI Impact on Labor 
