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