Fairfax India Holdings Corporation, through its wholly-owned subsidiary FIH Mauritius Investments Ltd, today completed its acquisition of majority ownership interest and management control in National Collateral Management Services Limited (NCML) by subscribing newly issued shares of NCML (approximately $31 million) and purchasing the shares of certain selling shareholders (approximately $95 million), for an aggregate investment of approximately INR 8 billion (approximately $126 million). NCML is the country’s leading private-sector agriculture storage company in India that is preparing to expand to take advantage of the significant market potential in India’s under-developed agricultural storage industry. NCML operates in the mid-stream agriculture value chain offering end-to-end solutions in procurement, testing, storage and collateral management in a wide ranging set of agri-commodities. “We look forward to NCML, under the leadership of Sanjay Kaul and his management team, continuing to develop vast opportunities in India’s agriculture industry by continuing with its entrepreneurial approach creating modern efficiencies in the country’s post-harvest value chain,” said Prem Watsa, Chairman of Fairfax India. Following this investment by Fairfax India, NCML will continue to operate independently with Sanjay Kaul as MD;CEO and his highly experienced executive team. Sanjay Kaul, welcoming this investment said, “The management and employees are excited with the opportunities in the post-harvest agri-space and under the inspiring leadership of Prem Watsa, Chairman Fairfax, look forward to a phase of rapid growth across all our business verticals.”
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