Indian government approves sale of 60.72% IDBI stake amid objections
Business
India's government just approved selling a 60.72% stake in IDBI Bank to FFHL-backed 10955230 Canada Inc. for ₹52,878 crore.
This means most of the bank, in which the government and LIC together held a 60.72% stake, could soon be run by a foreign company, and not everyone's happy about it.
IDBI union considers protests and litigation
The United Forum of IDBI Officers and Employees says handing over control of such an important bank to a foreign player clashes with India's self-reliance goals.
It is worried this could affect national priorities, employees' service conditions, and customer interests.
The union wants more transparency around the deal and is even considering public protests or legal action if its concerns aren't addressed.