Fairfax India to Acquire 70% of Jaynix Engineering Private Limited
26 Janeiro 2022 - 09:45AM
Fairfax India Holdings Corporation (“Fairfax India” or the
“Company”) (TSX: FIH.U) announces that, through its wholly-owned
subsidiary, it has entered into an agreement to invest INR 2.45
billion (approximately $33 million at current exchange rates) for a
70% equity interest in Jaynix Engineering Private Limited
(“Jaynix”). The transaction is subject to customary closing
conditions and is expected to close in the first quarter of 2022.
Jaynix is a manufacturing company engaged in the
production of non-ferrous electrical connectors and electrical
assemblies and is a critical Tier 1 supplier to major electrical
original equipment manufacturers in North America and Europe.
Jaynix is based in Gujarat and operates with three plants, one in
Vadodara, Gujarat and two in Nashik, Maharashtra.
"Jaynix is a family-owned business that was
founded by Mr. Nikhil Diwakar and Mr. Ninad Diwakar. We are very
impressed with the continued growth and operational efficiencies of
the business under the exceptional leadership of the Diwakar family
and are pleased that Nikhil and Ninad will continue in their roles
as Managing Director and Executive Director upon closing of the
transaction. Together, we will further strengthen Jaynix’s
capabilities and efficiencies in the electrical equipment sector
and build Jaynix to become a world class manufacturer. We continue
to have an excellent experience with the ease of doing business in
Gujarat and are thrilled to announce an additional investment in
the state to support the Make in India initiative," said Prem
Watsa, Chairman of Fairfax India.
Nikhil Diwakar, Managing Director of Jaynix,
said, "We are delighted to partner with Fairfax India. Fairfax
India’s long-term orientation and decentralized management approach
will help us accelerate our next phase of growth and continue to
create value for our customers, employees and other
stakeholders.”
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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readers should not place undue reliance on forward-looking
statements. The Company does not undertake to update any
forward-looking statements contained herein, except as required by
applicable securities laws.
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