Fairfax India Announces Sale of Equity Interest in Saurashtra Freight Private Limited

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

TORONTO, Sept. 12, 2025 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that its wholly-owned subsidiary, FIH Mauritius Investments Ltd has entered into an agreement to sell its 51% equity interest in Saurashtra Freight Private Limited (“Saurashtra”) to Kamigumi Co., Ltd., a Japanese logistics company for INR 6,622 million (approximately US$75 million at current exchange rates). The transaction is subject to customary closing conditions and approvals and is expected to close in the fourth quarter of 2025. Upon closing of the transaction, Fairfax India will cease to own any shares in Saurashtra.

“We would like to thank Raghav Agarwalla, Founder of Saurashtra, for a wonderful partnership over the past 8 years. Saurashtra was one of Fairfax India’s early investments and under the able leadership of Raghav, Saurashtra consistently produced great financial results while continually achieving one of the highest market shares in the container freight stations business at Mundra Port. We wish Raghav continued success in all of his future endeavors,” said Prem Watsa, Founder of Fairfax India.

Raghav Agarwalla, Founder of Saurashtra commented, “This transaction marks the conclusion of a cherished and memorable chapter in Saurashtra’s journey. Over the past eight years, Fairfax India has been an incredible partner, helping us grow the business multi-fold and supporting our ambitions with steady confidence. I would like to personally thank Prem for his unwavering support of me and the company. Fairfax India has played a pivotal role in transforming Saurashtra into a business worthy of becoming part of the highly respected Kamigumi Group.”

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”. 

Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company's information technology systems could significantly affect the company's business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company's annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company's website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

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