Jump to content

Fairfax to Acquire Additional Shares of ICICI Lombard


ourkid8
 Share

Recommended Posts

http://www.fairfax.ca/news/press-releases/press-release-details/2015/Fairfax-to-Acquire-Additional-Shares-of-ICICI-Lombard/default.aspx

 

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2015) - Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) announced today that it has agreed with its joint venture partner, ICICI Bank Limited ("ICICI Bank"), to acquire an additional 9.0% of the issued and outstanding shares of ICICI Lombard General Insurance Company Limited ("ICICI Lombard"). The proposed transaction values the Company at Rs. 17,225 crore (US$2.6 billion), is subject to governmental and regulatory approvals and is expected to close in the first quarter of 2016.

 

ICICI Lombard is the largest private sector general insurance company in India with gross written premiums of approximately US$1 billion for the year ended March 31, 2015.

 

Upon completion of the transaction, the share ownership in ICICI Lombard of ICICI Bank and Fairfax will be approximately 64% and 35%, respectively. The transaction reflects ICICI Lombard's position as the leading private sector general insurer in India, the substantial potential for profitable growth of the business and the strong relationship between the joint venture partners.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...