Fairfax India to buy 74 pct stake in logistics firm NCMSL for $126 mln

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)

(Reporting by Aman Shah in Mumbai; Editing by Anand Basu)