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Fairfax Financial Holdings has cleared a major hurdle in its bid to acquire control of IDBI Bank. But the Canadian investor’s real test will begin after the transaction: improving the lender’s business, managing a change in work culture and deciding what to do with its existing interest in another Indian bank.
Former Union secretary E.A.S. Sarma has sought an independent inquiry and parliamentary debate before government and LIC surrender control of the lender
The Union Cabinet has approved the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings for nearly Rs 52,878 crore, marking a major step in India’s bank privatisation plans. The government and LIC will sell their combined controlling stake, while Fairfax plans to bring its Indian financial services…