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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).
TORONTO, Oct. 11, 2024 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation ("Fairfax India” or the "Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has completed its previously announced investment in Global Aluminium Private Limited ("Global Aluminium”) for INR 6,955 million (approximately $83 million at current exchange rates) of which the Company has retained INR 700 million (approximately $8.3 million at current exchange rates) until the sellers complete certain post-closing obligations.
Global Aluminium is the third-largest aluminum extrusions manufacturer in India with in-house capabilities to produce anodized and powder-coated aluminum products. Its products have a wide range of applications, including in the architecture, renewable energy, automotive, and electronics and electrical industries. Global Aluminium is based in Hyderabad where it operates two plants. Anil Agarwal, Founder and Managing Director of Global Aluminium will continue in his role and manage the operations of Global Aluminium.
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
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