Prem Watsa-led Fairfax Financial Holdings nears 60.7% IDBI Bank stake
Fairfax Financial Holdings, led by Indian-born billionaire Prem Watsa, is close to grabbing a 60.7% stake in IDBI Bank.
The government and LIC (which together own almost the whole bank) are weighing Fairfax's latest bid.
If it goes through, this $5.5 billion to $5.7 billion deal would be one of India's biggest foreign investments in banking and a major move toward privatizing public banks.
IDBI sale seen as privatization step
IDBI Bank's sale is a big deal because foreign takeovers are pretty rare in Indian banking.
The bank has bounced back from tough times and now has global investors lining up.
While day-to-day services for customers probably won't change much, the deal could bring new ideas and tech to the table, plus it marks a bold step in India's plan to open up more public sector companies to private players.