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Prem Watsa steps down as Fairfax India chairman as firm rejigs top deck
VCCircle
·
1y ago
Medial
Prem Watsa has stepped down as chairman of Fairfax India Holdings Corp, with his son Benjamin Watsa taking over the role. Prem Watsa will continue to be associated with the asset management firm as a director. Benjamin Watsa is the founder and CEO of Marval Capital and has over 23 years of experience in the investment industry. Additionally, Gopalakrishnan Soundarajan has been promoted to CEO of Fairfax India, while Chandran Ratnaswami will become executive vice chairman. Fairfax India has made investments in various Indian companies since its inception in 2015.
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Fairfax harvests more money from India portfolio as exit spree extends
VCCircle
·
1y ago
Medial
Fairfax, headed by Indian-born Canadian billionaire Prem Watsa, has partially exited its India portfolio company as it continues to withdraw investments from the country. The investment firm, Fairfax Financial Holdings Ltd, has been reducing its exposure to India, where it hasn't made any new investments in almost two years. This move is in line with Fairfax's exit spree in India to harvest more funds from its portfolio.
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Fairfax makes a top-up in India portfolio firm as another investor exits
VCCircle
·
6m ago
Medial
Fairfax, led by Canadian billionaire Prem Watsa, has increased its investment in an Indian portfolio company amid another investor's exit. Although generally cautious about new transactions in India, the Toronto-based group, which invests through Fairfax Financial Holdings and country-focused entities, appears optimistic about this local firm. This move underscores Fairfax's strategic adjustment within its Indian investment portfolio, highlighting its focus on sustaining and potentially expanding its current investments in the region.
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Fairfax acquires majority stake in India aluminium products maker
VCCircle
·
11m ago
Medial
Fairfax India, owned by billionaire Prem Watsa, has acquired a majority stake in an Indian aluminium products manufacturer based in Hyderabad. This move follows Fairfax's exit from Paramount Health Services and its bid to take control of IDBI Bank. The investment firm has entered into an agreement to gain control of the aluminium products maker, expanding its portfolio in India.
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Fairfax changes monetisation plan from Indian financial services firm
VCCircle
·
1y ago
Medial
Fairfax Financial Holdings, led by Indian-born Canadian billionaire Prem Watsa, has altered its strategy to monetize its investment in an Indian financial services company. The Toronto-based investment firm has been working on maximizing its Indian investments over the past year. Specific details regarding the revised plan have not been provided.
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Fairfax commits $200 mn to IIFL Finance after RBI ban on gold loans
VCCircle
·
1y ago
Medial
Fairfax India Holdings Corporation has committed $200 million in liquidity support to IIFL Finance after the Reserve Bank of India (RBI) banned the lender's gold loan operations due to concerns over purity certification and breaches in loan-to-value ratio. Fairfax, led by Prem Watsa, has full trust in IIFL Finance's management team and believes they will take necessary corrective actions to meet RBI's compliance standards. This commitment comes as Fairfax continues to monetize its India portfolio. IIFL is a major player in the small-ticket gold, home, and business loan market, with assets under management worth Rs 78,000 crore.
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Quess Corp, GoDigit under the lens as Fairfax accused of manipulating asset values
VCCircle
·
1y ago
Medial
Indian companies Quess Corp and GoDigit are facing allegations of "abusive accounting" by activist short seller Muddy Waters. The accusations are directed towards Canadian billionaire Prem Watsa-led investment firm Fairfax Financial Holdings, accusing them of manipulating asset values. Quess Corp is an outsourcing services provider, while GoDigit is an insurance-technology unicorn. The claims were made in a research paper by Muddy Waters.
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RBI identifies Fairfax Financial, Emirates NBD, Kotak Mahindra Bank as bidders for IDBI Bank’s majority stake | Mint
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has approved Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank as potential buyers for a majority stake in IDBI Bank. The Indian government, which owns 45.48% in IDBI Bank, along with Life Insurance Corp of India, plans to sell 60.7% of the lender. The bidders are in discussions with the government and will be granted access to IDBI Bank's private data for evaluation. Other interested buyers include Canadian billionaire Prem Watsa and Emirates NBD Group, which offers financial services in the UAE, India, and Saudi Arabia.
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Investcorp rejigs top deck, names Rishi Kapoor vice chairman as co-CEO quits
VCCircle
·
12m ago
Medial
Bahrain-based alternative investment firm Investcorp has made changes to its top management, with co-CEO Hazem Ben-Gacem stepping down and co-CEO Rishi Kapoor assuming the role of vice chairman and chief investment officer. The company has also reorganized its global investment activities into three verticals to support its growth plans.
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Govt to push forward IDBI Bank stake sale after RBI approval
VCCircle
·
1y ago
Medial
The Indian government is set to proceed with the sale of a majority stake in IDBI Bank following approval from the Reserve Bank of India. The bidding process for the stake sale will open before the end of the financial year, according to a top finance ministry official. The central bank's clearance was the main obstacle to the stake sale, which has been delayed. The government and state-owned Life Insurance Corp of India plan to sell 60.7% of the bank, with interested buyers reportedly including Emirates NBD and Canadian billionaire Prem Watsa.
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Fairfax wraps up nearly $200 mn exit from India portfolio
VCCircle
·
1y ago
Medial
Fairfax India, a private equity firm in association with Fairfax Financial, has completed an exit from a portfolio company, generating impressive returns. The firm had been actively divesting and recently sold its remaining stake in the company.
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