(MENAFN) Fairfax Financial Holdings stated that it has begun a debate to purchase 25% of India's largest private general insurer ICICI Lombard in a deal that might worth USD1 billion
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However, ICICI Lombard is a combined venture created in 2001 between ICICI Bank, and Fairfax, that is led by Canadian billionaire Prem Watsa.
Additionally, Fairfax stated that it has seen the value of its investment increasing in the previous five years.
However, decreasing its stake to 10% will permit the Canadian company to begin a modern general insurance joint venture in India.
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