Fairfax could bid for Shipping Corporation

Onboard Ship in the Indian Ocean Stock Image
Potential bidders must file their interest by February 13, 2021. Image Courtesy - JM Dav, Unsplash.

Indo-Canadian billionaire Prem Watsa-led firm could bid for Indian shipping company.

Publisert Sist oppdatert

The Hindu Business Line reports about Fairfax Financial Holdings being a prospective bidder for Indian ‘Navratna’ shipping company, Shipping Corporation of India Limited (SCI). This comes after the Indian government invited Expressions of Interest (EoIs) for selling its 63.75% stake in the shipping behemoth.

Fairfax has invested in Indian shipping enterprises previously. March 2019 saw the firm invest 72.1 million USD for a 41.4% stake in Seven Islands Shipping Ltd, the country’s second-largest shipping firm for private tankers.

In fact, speculation is rife that the bidding process as well as the management of ships – if the bid for SCI does go through successfully, will be through Seven Islands Shipping. As an individual close to this entire development has affirmed, a lot will depend on the way the Indian government intends to structure its stake sale, the Terms & Conditions it will apply, and so on.

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