Fairfax India, the owner of Bengaluru International Airport, has sold its 51% stake in Saurashtra Freight for Rs. 662 crore to Japan’s Kamigumi Co. Ltd, according to a disclosure .
Fairfax India had purchased the stake for Rs. 200 crore in 2017.
Saurashtra Freight operates one of the largest container freight station yards at Mundra Port in Gujarat.
Kamigumi Co. has revenues of nearly $2 billion and operates in the logistics sector in Japan. It also owns storage and warehousing facilities in Indonesia.
“Saurashtra was one of Fairfax India’s early investments and under the able leadership of Raghav (Agarwalla), Saurashtra consistently produced great financial results while continually achieving one of the highest market shares in the container freight stations business at Mundra Port,” said Prem Watsa, founder, Fairfax India.
Kamigumi said Saurashtra Freight would become a subsidiary of the company as per a disclosure on its website.
“Various industries in the Indian market are attracting worldwide attention today, and the market is expected to continue further growth in the future. Projecting a sustained boom in logistics demand in India, the Kamigumi Group is seeking to create business opportunities through international intermodal transportation and collaboration with local subsidiaries in neighboring countries,” Kamigumi Co. said in a release.