The Economic Times

Cabinet approves Rs 52,878 crore IDBI Bank sale to Fairfax arm in Indias largest financial-sector FDI

The Cabinet Committee on Economic Affairs has approved the strategic sale of IDBI Bank to a Fairfax Group arm, Union Minister Ashwini Vaishnaw said. The government and Life Insurance Corporation of India will retain a combined 34% stake in the restructured entity. Vaishnaw called it Indias largest financial-sector FDI.