Investment holding company Fairfax India has secured a 41.4% share in Seven Islands Shipping Limited by investing around INR 5 billion (USD 72.1 million) in the company.
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.
The investment was completed through a direct subscription and secondary acquisition of Seven Islands shares.
Seven Islands, the second largest private tanker shipping company in India, transports products along the Indian coast as well as in international waters. The company owns 14 vessels with a total capacity of 1 million dwt.
“Fairfax India’s long-term orientation, decentralized management style and high standards of corporate governance will enable us to expand our operations and grow the business, thus creating value for all stakeholders,” Captain Pinto, Managing Director of Seven Islands, said.