Fairfax India Holdings Corporation has announced that it has invested approximately $72.1 million in the Mumbai-headquartered Seven Islands Shipping Ltd. 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 per cent 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, informed a release.
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. It owns 14 vessels with a total deadweight capacity of approximately 1 million tonnes, which are registered in India and operate as Indian owned and flagged vessels, the release said.
“We are very impressed with Seven Islands’ growth under the leadership of its Managing Director, Capt. Thomas Pinto. The company has an impressive track record of acquiring vessels and deploying them effectively to earn attractive returns over the course of life of the vessel. We are extremely excited to partner with Capt. Pinto” said Mr Prem Watsa, Chairman of Fairfax India.
Capt. Pinto, Managing Director of Seven Islands, said, “We are most excited to have Fairfax India as our partner. Fairfax India’s long-term orientation, decentralised 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. We will now expand our fleet with the objective of becoming one of the leading shipping companies in India.”
