Joint Venture in India

Old Mutual PLC
2 August 2000

                         OLD MUTUAL PLC
 OLD MUTUAL ANNOUNCES ITS JOINT VENTURE AGREEMENT WITH KOTAK
 MAHINDRA FINANCE LTD IN ORDER TO ESTABLISH A LIFE ASSURANCE
                      BUSINESS IN INDIA
                      
Old  Mutual  plc  ('OM')  and  Kotak  Mahindra  Finance  Ltd
('KMFL') announced today that they have entered into a joint
venture agreement to establish a life insurance business  in
India,  subject  to  regulatory  approvals.   KMFL  and  its
affiliates  will initially own 74% of the share  capital  of
the company,  and OM 26%; the total capitalisation  of  the 
company will  be  Rs  1,500 million (£22.25  million;  R232  
million).  The business will be headquartered in Mumbai, but
it  is intended that it will operate nationwide.  It is  the 
intention  of  the joint venture partners to  apply  to  the  
Insurance  Regulator for a license to operate this  business
as soon as practicable.

KMFL   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 research.  The Kotak 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 joint  ventures  with
Goldman Sachs in investment banking and Ford Credit in  auto
finance.

OM  is  a  London  listed financial services  group  with  a
substantial life assurance business in South Africa  and  an
international  portfolio of activities in asset  management,
banking  and general insurance.  As at 31 December 1999  the
group   had   approximately  3.2  million   life   assurance
policyholders,   2.4  million  banking  customers,   270,000
general insurance policyholders and over 700,000 unit  trust
accounts.   Following the acquisition of  Gerrard  Group  in
February  2000,  the group has £57 billion  of  funds  under
management.  Additionally OM has also recently announced  an
agreed   offer  for  United  Asset  Management   Corporation
('UAM'),  which is based in Boston; UAM has US$ 188  billion
under management in 42 affiliated fund management groups.

                                            2nd August  2000 
For further information contact:
Old Mutual:
Hasan Askari -Director Developing Markets  Tel: [phone]
Bruce Allen  - Media Relations SA          Tel: [phone]
Anna Quenby  - Corporate Communications UK Tel: [phone]

Kotak Mahindra Finance Ltd
Shivaji Dam                                Tel: [phone]
                              Email: [e-mail]
                         
College Hill Associates
Gareth David / Nicholas Williams           Tel:  [phone]


OLD MUTUAL PLC
NOTES TO EDITORS
Old  Mutual plc is an international financial services group
based  in  London with a substantial life assurance business 
in southern Africa and an integrated portfolio of activities
in asset management, banking and general insurance.

Key Businesses

Life Assurance
Old  Mutual  provides life, disability,  health,  retirement
savings  and investment products to individuals and  groups.
In southern Africa Old Mutual has approximately 30% of  the 
life assurance market.  OMI, based in Guernsey, operates  an
international  offshore  service  to  expatriate  and  other
investors.

Asset Management
Old  Mutual  Asset  Managers provides a multi-country  asset
management   capability  with  specific  local  and   global
investment and asset management expertise.  Old Mutual  Unit
Trusts  is the leading unit trust provider in South  Africa.
Capel  Cure  Sharp/Greig Middleton is a leading provider  of
portfolio  management  and  stockbroking  services  to  high 
networth individuals in the UK. From the merger of these two 
companies,Old  Mutual  is  launching a new UK  institutional 
stockbroking subsidiary, Old Mutual Securities.

Banking
Old  Mutual's  banking business is conducted principally  by
Nedcor   in  which  the  company  has  a  53.5%  controlling
interest.   Nedcor is the highest rated bank listed  on  the
Johannesburg  Stock  Exchange  and  its  activities  include
retail,  commercial,  corporate and investment  banking  and
asset  management.  GNI is the leading derivatives house  in
London  and  Europe.   G&K  is the  largest  wholesale  bank
operating in the inter-bank market in London.

General Insurance
Old  Mutual  holds a 51% controlling interest  in  Mutual  &
Federal, which writes motor, fire, accident, engineering and
marine business.  M&F is one of the largest general insurers
in South  Africa  and  listed  on  the   Johannesburg  Stock
Exchange.

OM plc Financials
Preliminary  Results  for the year ended  31  December  1999
showed  profits  based  on  a longer  term  rate  of  return
increased by 23% to £656 million (1998: £534 million).

History
1844   Old  Mutual  was  founded  in  South  Africa  and
       subsequently became the  leading  life  assurance  
       provider in southern Africa.
1999   Old Mutual demutualised in May 1999.
1999   Old Mutual listed on the London, Johannesburg, Namibia,
       Malawi and Zimbabwe Stock Exchanges on 12 July 1999.
1999   Johannesburg ALSI in August 1999.
1999   Old Mutual plc joined the FTSE 100 Share Index  on  20
       September 1999.
2000   Old Mutual bid for Gerrard in March 2000.
2000   Old Mutual bid for UAM in June 2000.


KOTAK MAHINDRA GROUP OF COMPANIES
NOTES TO EDITORS

Key Points
Amongst the top three in all its businesses.
Consistent Credit Rating of AA+ or higher.
Caters to over a million investors.
Provides financial solutions to over 800 large
and mid sized corporates.
Over  60,000  shareholders  and half  a  million
depositors across 32 Indian cities.
Ranked  the  most trusted securities house in
India  for  FY 1996 by 'Euromoney'.
Ranked  as No 2 investment banker in 1998 and
1999 by  Prime database (based on amount
raised).

Companies
Each  of  the  companies  within the  Kotak
Mahindra  Group specialises in particular
sectors of the financial  services market.  The
main companies include:
Kotak  Mahindra  Finance  Limited:  corporate
and  consumer finance.
Kotak Mahindra Capital Company: investment
banking.
Kotak Securities: brokerage and distribution.
Kotak Mahindra Primus Limited: auto-finance.
Matrix  Information  Services  Limited:  online
information services.
Kotak Mahindra Mutual Fund: mutual funds.

KMFL Financials
Kotak Mahindra Finance Ltd's networth increased
to about  Rs 4750  million  (£68.3 million) as
on 31  March  2000.   KMFL posted  for  the year
1999-2000 a record Profit  Before  Tax (PBT) of
Rs 906 million (£13 million) (P.Y. Rs 345.8
million / £5 million) and a Profit After Tax
(PAT) of Rs 611 million (£8.8 million) (P.Y. Rs
121.8 million / £1.75 million).

History
1985   Kotak   Mahindra  Group  began  as Kotak Capital Management
       Finance Limited
1986   KMFL enters the lease and hire purchase market
1990   Auto-finance division started
1991   Investment banking division started
1992   Enters the fund syndication sector
1995   Brokerage  and distribution businesses
       incorporated into  a  separate  company, Kotak  Securities.
       Investment banking division incorporated into a
       separate company, Kotak Mahindra Capital Company.
1996   Auto  finance  business hived off  into
       a  separate company,  Kotak  Mahindra  Primus  Limited.
       They  take   a significant stake in Ford Credit
       Kotak Mahindra Limited  for financing Ford vehicles.
1997   Launch of Matrix Information Services Limited  marks
       the group's entry into information distribution.
1998   Enters the mutual fund market with the
       launch of theKotak Mahindra Asset Management Company.