June 3 (Reuters) - Fairfax India Holdings Corp ( FFXDF )

on Monday said Prem Watsa, popularly known as "Canada's Warren

Buffett", will step down as the investment firm's chairman.

He will be replaced by his son Benjamin Watsa, effective

July 1, as chair but will continue to serve as a director on the

board, the company said.

The firm also hired insider Gopalakrishnan Soundarajan

as its new CEO, replacing Chandran Ratnaswami, who will

transition to the role of executive vice chairman.

Prem Watsa is also the founder and CEO of Canada-based

insurer Fairfax Financial Holdings ( FRFHF ). The company has a

market capitalization of roughly C$37 billion ($27.15 billion),

according to LSEG.

Fairfax Financial Holdings ( FRFHF ) is the controlling

shareholder of Fairfax India ( FFXDF ), which was founded in 2014 to

invest in Indian businesses over the long-term.

($1 = 1.3626 Canadian dollars)