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The Toronto-based holding company will own a nearly 61 per cent stake in the bank, after beating out four rival bidders. It’s the largest foreign-direct investment yet in India’s financial sector, according to the country’s finance ministry. India’s government and the Life Insurance Corporation of India will retain minority stakes. (The Logic)
Talking point: Prime Minister Narendra Modi is set to visit Canada in December, and a Canadian company is now assuming a major role in his broader economic plan of privatizing businesses and encouraging foreign enterprise. India’s finance ministry said it hopes the Fairfax deal will boost sentiment about the country’s investment climate. IDBI Bank was restructured to turn around its track record of “poor financial health.” While the finance ministry has approved the transaction, the Reserve Bank of India must also sign off. Fairfax is on a deal-making streak after announcing a US$2.3 billion investment in British drugstore Boots last week. Its stock was little changed Tuesday, down less than one per cent in the early afternoon.
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