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Kotak Mahindra, Old Mutual get nod for life insurance JV

OM Kotak Mahindra Life Insurance Company Private Limited, the joint venture between Kotak Mahindra Finance Limited and Old Mutual plc has received the certificate to conduct a life insurance business in India.

OM Kotak Mahindra (OMKM) is one of the first few private sector players who have been granted a life insurance certificate.

According to a company release, Old Mutual Kotak Mahindra will have an initial net worth over Rs 1.50 billion and will be headquartered in Bombay.

Over the next couple of years Old Mutual Kotak Mahindra plans to open branches across the country. The company hopes to start issuing policies within a few weeks.

Kotak Mahindra Finance Ltd and Old Mutual plc had entered into joint venture agreement in August 2000. Kotak Mahindra Finance Ltd is one of India's leading diversified financial services companies, with operations covering auto and consumer finance, asset management, investment banking and securities trading and equity research.

The Kotal Mahindra group has an extensive branch network across India managing relationships with over 500,000 individual customers and 400 corporate houses.

The group also has two existing joint ventures with Goldman Sachs in investment banking and Ford Credit in auto finance.

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