Bids for 61% stake in IDBI Bank received: What next
DIPAM just got financial bids to sell a 60.72% chunk of IDBI Bank—split between the government (30.48%) and LIC (30.24%).
After the deal, the government will still own 15%, and LIC will keep 19%.
This is a major step in India's ongoing push to privatize big public sector banks.
Top contenders and potential revenue
Top contenders like Kotak Mahindra Bank, Fairfax India Holdings (run by Prem Watsa), and Emirates NBD are in the race.
The sale could bring in around ₹33,000 crore for the government, helping it hit its ambitious ₹80,000 crore disinvestment goal for FY26.
Now, an inter-ministerial team will review bids based on price and other factors before picking a winner for final approval.
Sale timeline and significance
This sale has been in the works since May 2021 when it got approval from the Cabinet Committee on Economic Affairs (CCEA).
The aim is to wrap things up by FY26—a big milestone in India's efforts to streamline public assets and boost its finances.