India's government, LIC plan 60.72% IDBI sale to Fairfax $5.5bn
IDBI Bank is set for a major change, with the government and LIC planning to sell a 60.72% stake to Fairfax Financial Holdings for $5.5 billion.
While this move is part of India's push to privatize banks, it's stirring up strong reactions from both bank staff and politicians.
Unions call IDBI sale undervalued
Employee unions say the bank is being sold too cheaply and want more transparency on how it was valued.
They've already held a strike and will decide their next course of action at a meeting on November 10.
Meanwhile, Jairam Ramesh says the deal is a major scam by the Modi government, which warrants an investigation, and wants a JPC investigation.
If approved, this would be India's biggest foreign investment in banking yet, but it still needs regulatory green lights before going ahead.