Fairfax India, a holding company, completed the acquisition of a 70% stake in Jaynix Engineering, a manufacturing company engaged in the production of non-ferrous electrical connectors and electrical assemblies, for $33m. "Jaynix is a family-owned business that was founded by Mr. Nikhil Diwakar and Mr. Ninad Diwakar. We are very impressed with the continued growth and operational efficiencies of the business under the exceptional leadership of the Diwakar family and are pleased that Nikhil and Ninad will continue in their roles as Managing Director and Executive Director upon closing of the transaction. Together, we will further strengthen Jaynix’s capabilities and efficiencies in the electrical equipment sector and build Jaynix to become a world class manufacturer. We continue to have an excellent experience with the ease of doing business in Gujarat and are thrilled to announce an additional investment in the state to support the Make in India initiative," Prem Watsa, Fairfax India Chairman.