The Economic Times

Cabinet clears way for Watsa's Fairfax's Rs 52,878 crore deal for 60.72% stake in IDBI Bank

Fairfax Financial Holdings will acquire a majority stake of 60.72% in IDBI Bank for 52,878 crore. This acquisition marks a significant moment in the government's divestment efforts, as it represents strategic restructuring. The deal aims to strengthen the banking ecosystem and support the government's disinvestment target for the fiscal year. IDBI Bank's financial position has improved significantly, with reduced non-performing assets.