Fairfax India Completes Second Closing of Its Investment in Maxop Engineering Company Private Limited
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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).
TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that it has completed the second closing of its investment in Maxop Engineering Company Private Limited (“Maxop”).
In connection with the second closing, Fairfax India invested INR 1.75 billion ($22.1 million), based on the achievement by Maxop of certain financial-based performance targets, for an additional 16% equity interest in Maxop. As previously announced, in connection with the initial transaction, Fairfax India invested INR 2.22 billion ($29.5 million) for a 51% equity interest in Maxop. Following completion of the second closing, Fairfax India has invested, in aggregate, INR 3.97 billion ($51.6 million) for, in aggregate, a 67% equity interest in Maxop.
Maxop is a precision aluminum die casting and machining solution provider for aluminum die casting components used by the automotive and industrial sectors, with customers in India, Asia, North America and Europe. Maxop is based in New Delhi and operates with four plants in Manesar, Haryana and two plants in Jaipur, Rajasthan.
About Fairfax India
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 |
| (416) 367-4755 |
