Fairfax Financial Holdings Ltd., a listed company in Canada, is planning to invest around $1 billion in India through a publicly-listed India fund.
Fairfax Financial was founded in 1985 by Hyderabad-born Prem Watsa, 64-year-old IIT Madras alumni. He is often described as Warren Buffet of Canada. He met Prime Minister Narendra Modi in Delhi last week. He has compared Mr. Modi’s vision and growth plans for India with that of Lee Kwuan Yee of Singapore.
Fairfax Financial has invested in India over the past 20 years. Its investments include in ICICI Lombard, Thomas Cook, IKYA, Sterling Resorts and acquisition of Blackberry worldwide.
Mr. Watsa, the present Chairman and Chief Executive Officer of Fairfax, is known to acquire distressed asset and turn it profitable.
