Press Release Details
Fairfax India Acquires an Additional 6% Interest in Bangalore International Airport Limited
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted.)
TORONTO, May 16, 2018 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India”) (TSX:FIH.U) announces that it has completed its previously announced acquisition of an additional 6% of the outstanding shares of Bangalore International Airport Limited from Siemens Project Ventures GmbH (“Siemens”), part of Siemens’ Financial Services Division, for an aggregate investment of approximately $67 million (approximately INR 4.5 billion at current exchange rates).
Prior to the closing of this transaction, Fairfax India owned a 48% interest in BIAL and, upon completion of this transaction, now owns a combined 54% interest in BIAL.
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
|For further information, contact:|
|John Varnell, Vice President, Corporate Affairs|