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The Indian government has been divesting its stake in several state-owned companies this year as it tries to keep its growth engine running amid deepening fiscal pressures.
(Updates to add company response in paragraphs 4-6.) Fairfax Financial
Canada's Fairfax Financial Holdings has won Indian government approval to acquire a 60.72% stake in IDBI Bank for 528.78 billion rupees ($5.56 billion), in what the Indian government said Wednesday would be the largest ever foreign direct investment in its financial sector.