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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).
TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation ("Fairfax India" or the "Company") (TSX: FIH.U) announces that it has completed the second closing of its acquisition of an additional equity interest in Bangalore International Airport Limited ("BIAL") from Siemens Project Ventures GmbH, part of Siemens Financial Services ("SFS").
In connection with the second closing, Fairfax India, through its wholly-owned subsidiary, acquired an additional 7% equity interest in BIAL for consideration of $175 million. As previously announced, in the initial transaction, Fairfax India, through its wholly-owned subsidiary, acquired an additional 3% equity interest in BIAL from SFS for consideration of $75 million. Following completion of the second closing, Fairfax India's aggregate share ownership in BIAL has increased to 64% (20.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited) from 54% last year.
BIAL is a private company located in Bengaluru, India. BIAL, under a concession agreement with the Government of India until the year 2068, has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the Kempegowda International Airport Bengaluru ("KIAB") through a public-private partnership. KIAB is the first greenfield airport in India built through a public-private partnership.
About Fairfax India
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
| For further information, contact: | John Varnell, Vice President, Corporate Affairs |
| (416) 367-4755 |
