/ 12 January 2001

OLD MUTUAL GETS INDIAN INSURANCE LICENCE

LONDON-listed South African insurance group Old Mutual says its joint venture OM Kotak Mahindra Life Insurance has been granted a licence to launch life insurance business in India. Old Mutual will initially own 26% of the company’s share capital, which has a total capitalisation of 22.5m pounds. The first product launch in India is targeted for April this year. – Reuters