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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).

TORONTO, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has entered into an agreement to invest INR 6,955 million (approximately $83 million at current exchange rates) for a 65.0% interest in Global Aluminium Private Limited (“Global Aluminium”). The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2024.

Global Aluminium is the third-largest aluminum extrusions manufacturer in India with in-house capabilities to produce anodized and powder-coated aluminum products. Its products have a wide range of applications, including in the architecture, renewable energy, automotive, and electronics and electrical industries. Global Aluminium is based in Hyderabad where it operates two plants.

“We are thrilled to welcome Anil Agarwal and the entire team at Global Aluminium into the Fairfax India family. Global Aluminium’s stellar clientele is a testament to their reputation for quality and dedication to excellence built over many years. As we embark on this new partnership, we are excited to combine our strengths and continue delivering exceptional value to Global Aluminium’s clients. Together, we look forward to new opportunities for growth, and success,” said Prem Watsa, Founder of Fairfax India.

Anil Agarwal, Managing Director of Global Aluminium said, “I am delighted to join forces with Fairfax India as we enter this new chapter. Our shared commitment to quality, innovation and excellence makes this partnership a perfect fit. I’m confident that, with Fairfax India's resources and vision, we will continue to exceed our clients' expectations and achieve even greater success together. I look forward to the exciting opportunities ahead as we build on our strong foundation of integrity and excellence.”

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.

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company's or an Indian Investment's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.