Fairfax India to invest $300 million in Sanmar Chemicals Group

(Reuters) - Fairfax India Holdings Corp , part of Canadian billionaire Prem Watsa's Fairfax Holdings, said it would invest $300 million in privately held Indian petrochemical company Sanmar Chemicals Group through a combination of equity and fixed-income securities.

Fairfax India will acquire a 30 percent equity ownership in Sanmar as a result of the investment, Fairfax India said on Friday.

Reuters had earlier reported that Fairfax India is close to acquiring a minority stake in Sanmar, citing sources familiar with the matter.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)