Fairfax India Holdings Corp, part of Canadian billionaire Prem Watsa’s Fairfax Holdings, has invested approximately $72.1 million (Rs 500 crore) for a significant minority stake in Seven Islands Shipping Ltd. Fairfax executed the transaction through a direct subscription and secondary acquisition of Seven Islands shares. Following completion of the transaction, it now owns 41.4 per cent stake in the Indian shipping 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.

(Dealstreet Asia)