Fairfax India, an Investment holding company, holds the 41.4% share in Seven Islands Shipping Limited by investing around INR 5 billion (USD 72.1 million) in the company. The investment was completed through a direct subscription and secondary acquisition of Seven Islands shares.
Mainly, 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.
Seven Islands is the second largest tanker private shipping company in India and transmits products along the Indian coast as well as in international waters.
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The shipping company owns 14 vessels with an overall deadweight capacity of approximately 1 million tonnes, that are registered in India and operate as Indian owned and flagged vessels. Seven Islands is headquartered in Mumbai, Maharashtra.
Managing Director, Seven Islands Shipping, Captain Thomas Pinto stated
We are most excited to have Fairfax India as our partner. Fairfax India’s long-term orientation, decentralized 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.
He continued that under this collaboration, Seven Islands will expand their fleet with the objective of becoming one of the leading shipping companies in India.