Fairfax Financial to increase stake in India's ICICI Lombard General Insurance Co. Ltd.

Canada-based Fairfax Financial Holdings Ltd. has announced its plan to increase its stake in India's ICICI Lombard General Insurance Co. Ltd. with the purchase of an additional 9% stake, reported The Financial Express.

Fairfax will increase its stake in the Indian insurer from the current 25.7% to approximately 35%.

The deal is likely to close in the first quarter of 2016, a statement by Fairfax said.

Fairfax will now seek approvals from the country's insurance regulator and the Foreign Investment Promotion Board.

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