Canadian trade minister Maninder Sidhu lauded India's decision to approve the strategic sale of a 60.72% stake in IDBI Bank to Toronto-based Fairfax Financial Holdings for roughly CA$ 7.9 billion.
The Cabinet approved the ₹52,878.08-crore deal, combining government and LIC holdings, marking India's largest strategic disinvestment and foreign financial services investment.
Fairfax CEO Prem Watsa stated the acquisition is a once-in-a-lifetime opportunity to combine the bank with its existing Indian insurance and wealth management businesses.