Fairfax India today announced that it has completed the acquisition of majority ownership interest and management control in NCML for Rs 800 crore.
"We look forward to National Collateral Management Services Limited (NCML), under the leadership of Sanjay Kaul and his management team, continuing to develop vast opportunities in India's agriculture industry by continuing with its entrepreneurial approach creating modern efficiencies in the country's post-harvest value chain," Fairfax India Chairman Prem Watsa said in a release issued here.
Fairfax India has subscribed newly issued shares of NCML (approximately USD 31 million) and purchased the shares of certain selling shareholders (about USD 95 million), for an aggregate investment of nearly Rs 800 crore (approx USD 126 million).
Following this investment by Fairfax India, NCML will continue to operate independently with Sanjay Kaul as Managing Director and CEO and his experienced executive team.
"The management and employees are excited with the opportunities in the post-harvest agri-space and under the inspiring leadership of Watsa, Chairman Fairfax, look forward to a phase of rapid growth across all our business verticals," Kaul said.
NCML operates in the mid-stream agriculture value chain offering end-to-end solutions in procurement, testing, storage and collateral management in a wide ranging set of agri-commodities.
