Fairfax India completes investment in Seven Islands Shipping Limited
Fairfax India Holdings Corporation announces that it has invested approximately INR 5.0 billion (approximately $72.1 million at current exchange rates) in Seven Islands Shipping Limited. The investment was completed through a direct subscription and secondary acquisition of Seven Islands shares. Following completion of the various transactions, Fairfax India owns 41.4% of Seven Islands.
Seven Islands will use the proceeds of the direct subscription to expand its ocean-going fleet by acquiring additional vessels and for general corporate purposes.
Seven Islands is the second largest tanker private shipping company in India and transports products along the Indian coast as well as in international waters. Seven Islands owns 14 vessels with a total deadweight capacity of approximately 1 million tonnes, which vessels are registered in India and operate as Indian owned and flagged vessels. Seven Islands is headquartered in Mumbai, Maharashtra.
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
