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 £46 million ($70.7 million), and the transaction is expected to result in a gain on sale of approximately £16 million ($24.6 million) and an addition to the group’s tangible net assets of approximately £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