Fairfax Financial Holdings Ltd. plans to buy a 77-per-cent interest in travel business Thomas Cook (India) Ltd. for about $150 million (U.S.).
The deal by Fairbridge Capital to acquire the majority stake held by U.K.-based Thomas Cook Group PLC is subject to approval by Thomas Cook's shareholders and India's regulators.
"We are pleased to announce this acquisition and to own such a well known and strong Indian business," said Fairfax chairman and CEO Prem Watsa.
"This is the inaugural acquisition in India by Harsha Raghavan and his colleagues at Fairbridge Capital and we are excited by the exceptional opportunities we expect we will see in India in the future."
Fairbridge Capital is an investment company engaged in long-term investments and acquisitions in the Indian region.
It is a wholly owned subsidiary of Fairfax Financial, a holding company engaged through its subsidiaries in property and casualty insurance and reinsurance and investment management.