MUMBAI (Reuters) - Fairfax India Holdings , a fund set up by Canadian investor Prem Watsa to target Indian assets, on Monday said it would buy a 74 percent stake in commodities storage and services firm National Collateral Management Services (NCMSL) for about $126 million.
Reuters had reported in June that Watsa's firm was set to take a 70 to 75 percent stake in NCMSL worth $120 million to $150 million.
The deal, valued at about 8 billion rupees, is expected to be completed in 2015, Fairfax said in a statement.
NCMSL, which is hoping to benefit from a boost to India's underdeveloped agricultural storage industry under Prime Minister Narendra Modi's push for food security, will continue to operate independently under Chief Executive Sanjay Kaul, Fairfax said.
Hyderabad-born Watsa, whose main firm is Fairfax Financial Holdings , set up Fairfax India late last year to boost the firm's investment in India. Fairfax India went public in January this year and raised more than $1 billion via its initial public offering.
($1 = 63.6402 rupees)
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(Reporting by Aman Shah in Mumbai; Editing by Anand Basu)