Fairfax India - Chairman, Prem Watsa.
Chairman, Prem Watsa.
Source: செல்வா at Tamil Wikipedia.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Fairfax India (FIH.U) will acquire 70 per cent of Jaynix Engineering Private Limited
  • Jaynix produces non-ferrous electrical connectors and electrical assemblies for major manufacturers across the globe
  • The company will invest US$33M for its ownership stake
  • Fairfax India is an investment holding company focused on Indian equity securities and debt instruments
  • Fairfax India (FIH.U) is down by 1.24 per cent trading at US$11.95 per share

Fairfax India (FIH.U) will acquire 70 per cent of Jaynix Engineering Private Limited.

Jaynix is a Gujarat-based manufacturing company engaged in the production of non-ferrous electrical connectors and electrical assemblies. It is a critical tier-1 supplier to major electrical equipment manufacturers in North America and Europe.

Fairfax India will invest US$33M for its ownership stake and expects the transaction to close in Q1 2022.

It intends to enhance Jaynix’s staying power in the electrical equipment sector and build it into a world-class manufacturer. 

“Jaynix is a family-owned business that was founded by Mr. Nikhil Diwakar and Mr. Ninad Diwakar. We are very impressed with the continued growth and operational efficiencies of the business under the exceptional leadership of the Diwakar family and are pleased that Nikhil and Ninad will continue in their roles as Managing Director and Executive Director upon closing of the transaction,” stated Prem Watsa, Chairman of Fairfax India.

Fairfax India is an investment holding company focused on Indian equity securities and debt instruments.

Fairfax India (FIH.U) is down by 1.24 per cent trading at US$11.95 per share as of 1:52 pm EST.

More From The Market Herald

" DelphX (TSXV:DELX) closes $1.1M private placement

DelphX Capital Markets (DELX) has closed a private placement for gross proceeds of C$1,096,200.
CubicFarm Systems announces biggest deal to date

" CubicFarm (TSX:CUB) announces pricing of $10 million overnight marketed offering

CubicFarm Systems Corp (CUB) has announced the price and terms of its overnight marketed public offering.

" Royalty North Partners Ltd (TSXV:RNP) enters into a share purchase agreement with Sandstorm Gold

Royalty North Partners (RNP) has signed a share purchase agreement with Sandstorm Gold to acquire a stake in Entrée Resources Ltd.

" EasTower Wireless (TSXV:ESTW) to develop its largest 5G Florida site to date

EasTower Wireless (ESTW) has secured a new site build from one of the largest national tower owners in the U.S.