Fairfax India to sell 51% stake in Saurashtra Freight

Executive Summary

• Fairfax India Holdings Corp.'s subsidiary, FIH Mauritius Investments Ltd., has agreed to sell its 51% equity stake in Saurashtra Freight Pvt. Ltd. to Japanese logistics company Kamigumi Co. Ltd.
• The transaction is valued at 6,622 million Indian rupees (approximately $75 million USD) and is expected to close in the fourth quarter of 2025, subject to customary conditions.
• Upon closing, Fairfax India will fully exit its investment in Saurashtra, which was one of its early investments and has been a significant contributor to the company's portfolio.

Key Details

• Seller: FIH Mauritius Investments Ltd. (wholly owned subsidiary of Fairfax India Holdings Corp.)
• Buyer: Kamigumi Co. Ltd. (Japanese logistics company)
• Asset: 51% equity interest in Saurashtra Freight Pvt. Ltd.
• Consideration: 6,622 million Indian rupees (approx. $75 million USD at current exchange rates)
• Closing Timeline: Expected in the fourth quarter of 2025
• Conditions: Subject to customary closing conditions and approvals
• Post-Transaction Status: Fairfax India will cease to own any shares in Saurashtra Freight Pvt. Ltd.
• Investment History: Saurashtra was one of Fairfax India's early investments; the partnership with founder Raghav Agarwalla has lasted eight years.
• Operational Context: Saurashtra achieved high market shares in the container freight stations business at Mundra Port and produced consistent financial results.

Notable Quotes

• Prem Watsa, Founder of Fairfax India: "We would like to thank Raghav Agarwalla, founder of Saurashtra, for a wonderful partnership over the past eight years. Saurashtra was one of Fairfax India's early investments, and, under the able leadership of Raghav, Saurashtra consistently produced great financial results while continually achieving one of the highest market shares in the container freight stations business at Mundra Port. We wish Raghav continued success in all of his future endeavours."
• Raghav Agarwalla, Founder of Saurashtra: "This transaction marks the conclusion of a cherished and memorable chapter in Saurashtra's journey. Over the past eight years, Fairfax India has been an incredible partner, helping us grow the business multifold and supporting our ambitions with steady confidence. I would like to personally thank Prem for his unwavering support of me and the company. Fairfax India has played a pivotal role in transforming Saurashtra into a business worthy of becoming part of the highly respected Kamigumi Group."