Investment company Fairfax India has spent INR5bn ($72.1m) buying a 41.4% stake in India’s second largest tanker company, Seven Islands Shipping.
Mumbai-headquartered Seven Islands said will use the proceeds to expand its fleet, which today stands at 14 vessels of about 1m dwt.
“We are very impressed with Seven Islands’ growth under the leadership of its managing director, Captain Thomas Pinto. The company has an impressive track record of acquiring vessels and deploying them effectively to earn attractive returns over the course of life of the vessel,” said Prem Watsa, chairman of Fairfax India.
Pinto responded, saying, “We will now expand our fleet with the objective of becoming one of the leading shipping companies in India.”