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

India's long-delayed sale of IDBI Bank has moved a step closer, with the government receiving revised financial bids from Canada's Fairfax Financial and the UAE's Emirates NBD for a controlling 60.72% stake in the lender. The stake is being sold jointly by the central government and Life Insurance Corporation of India, and the transaction is one of the country's most closely watched privatisations. Both bidders had earlier cleared regulatory scrutiny, including the Reserve Bank of India's 'fit and proper' assessment and security clearances, before submitting updated offers following due diligence. A successful sale would mark a significant milestone in the government's broader disinvestment agenda and would hand a substantial Indian banking franchise to a foreign strategic owner, subject to final regulatory approvals. For the winning bidder, IDBI offers an established branch network and customer base, while for the government the deal would unlock capital and reduce state ownership in the banking sector. The revised bids set the stage for the authorities to evaluate valuations and move toward selecting a preferred buyer, though the timeline for a final decision and completion will depend on further clearances.