Fairfax and Emirates NBD Submit Revised Bids for India's IDBI Bank

India's long-delayed privatisation of IDBI Bank has taken a step forward, with the government receiving revised financial bids from Canada's Fairfax Financial and the UAE's Emirates NBD for a controlling stake in the lender. The stake on offer is 60.72%, being sold jointly by the central government and Life Insurance Corporation of India, and its sale would mark one of the country's most significant banking disinvestments in years. The process has been under way for an extended period, held up by due diligence, regulatory clearances including 'fit and proper' vetting of bidders, and valuation considerations for a bank that has returned to profitability after earlier stress. Securing strong, credible bids from established international financial players is seen as important both for achieving a fair price and for signalling confidence in India's banking sector and its openness to foreign strategic investment. A successful transaction would transfer management control to a private owner and could reshape competition in parts of the market. Attention now turns to the government's evaluation of the offers, final approvals and the timeline for concluding a sale that has been years in the making.