Fairfax India Holdings Corporation, through its wholly owned subsidiary FIH Mauritius Investments, has acquired majority ownership interest and management control in National Collateral Management Services (NCML) for Rs 800 crore (approximately $126 million).
As part of the deal, Fairfax India Holdings Corporation has subscribed to newly issued shares of private-sector agriculture storage company NCML (approximately $31 million) and purchased shares of certain selling shareholders (approximately $95 million), for an aggregate investment of approximately Rs 800 crore (approximately $126 million), NCML said.
Following the investment by Fairfax India, NCML will continue to operate independently with Sanjay Kaul as managing director and chief executive officer and his executive team, NCML said.
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