Business · Companies · 6 hrs ago
Fairfax wins bid for IDBI Bank, Prem Watsa says
Fairfax has won the bid for IDBI Bank, according to its chief, Prem Watsa.
IDBI Bank is being sold by the Indian government and Life Insurance Corporation.
Watsa said Fairfax had worked on the bid for four years and was excited by the result.
The plan is to bring insurance and investment services to IDBI customers, using GoDigit and IIFL Capital.
IDBI would take stakes of about 60% in GoDigit and 51% in IIFL Capital, Watsa said.
The plan still needs approval from India’s banking, insurance and securities regulators before it can proceed.
Watsa said he expects India’s economy to grow strongly over the next decade, and sees the country’s trade agreements as an opportunity for businesses.
Prem Watsa said Fairfax had won the bid for IDBI Bank, after working on the deal for four years or longer.
The Indian government and Life Insurance Corporation were selling the bank through a process, Watsa said.
Watsa said Fairfax was excited about the deal and believed India was on a strong economic trajectory.
He said Fairfax plans to bring insurance and investment-banking services to IDBI Bank customers, subject to regulatory approvals.
He said IDBI Bank would take stakes in GoDigit and IIFL Capital, with the stakes to be bought for cash at market prices.
- Who
- Fairfax, led by Prem Watsa, won the bid for IDBI Bank.
- What
- Watsa said Fairfax won the bid and outlined plans to connect the bank’s customers with insurance and investment-banking services.
- When
- Watsa said he heard the government announcement at about 7 o’clock the previous day. The article was published on October 15, 2026.
- Where
- India.
- Why
- Watsa said Fairfax sees India as being on a strong economic trajectory and believes the country is a good place to invest.
This story does not have two clearly opposing sides.
Watsa said Fairfax had been working on the bid for IDBI Bank.
Watsa said it appeared that Fairfax had won the auction.
Watsa said he received congratulations and then heard from Sumit Maheshwari that the government had announced Fairfax had won.
- Bid winner
- Fairfax
- Bank
- IDBI Bank
- Time working on bid
- Four years or longer
- Planned investment
- IDBI Bank to take a 51% stake in IIFL Capital and about a 60% stake in GoDigit
- Required approvals
- Reserve Bank, IRDAI and Sebi approvals are needed before the planned services are brought to bank customers
1 source
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India is the best country to make an investment.
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