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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).
TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that it has completed the initial closing of its investment in Maxop Engineering Company Private Limited (“Maxop”).
In connection with the initial closing, Fairfax India invested INR 2.22 billion (approximately $30 million at current exchange rates) for a 51% equity interest in Maxop. In the second transaction, Fairfax India will invest up to INR 2.66 billion (approximately $35 million at current exchange rates), such amount to be determined based on the achievement by Maxop of certain financial-based performance targets, for an additional 16% equity interest in Maxop. The second transaction is expected to close in the second half of 2022 and is subject to customary closing conditions.
Maxop is a precision aluminum die casting and machining solution provider for aluminum die casting components used by the automotive and industrial sectors, with customers in India, Asia, North America and Europe. Maxop is based in New Delhi and operates with four plants in Manesar, Haryana and two plants in Jaipur, Rajasthan.
https://www.globenewswire.com/news-release/2021/11/30/2343614/0/en/Fairfax-India-Completes-Initial-Closing-of-Its-Investment-in-Maxop-Engineering-Company-Private-Limited.html