Fairfax India invests $72 million in private shipping firm

Fairfax India Holdings Corporation has picked up a significant minority stake in Seven Islands Shipping Limited for Rs 5 billion ($72 million). The deal involved a fresh issue of shares and a secondary acquisition of shares totalling 41.4 per cent of Seven Islands. Mumbai-based Seven Islands will use the proceeds from the fresh share issue to expand its oceangoing fleet by acquiring additional vessels and for general corporate purposes.