Toronto, Oct. 15 -- Canada's minister of international trade Maninder Sidhu on Thursday called India's decision to approve the strategic sale of IDBI Bank to the Toronto-headquartered Fairfax Financial Holdings Ltd (FFHL) a "big win" for a Canadian company. Sidhu is currently leading the Team Canada Trade Mission to India.

In a statement, Sidhu said the deal was worth roughly CA$ 7.9 billion "involving IDBI Bank, one of India's largest banks, highlighting the enormous opportunities for Canadian investors doing business in India."

The Cabinet approval on Wednesday was for sale of a 60.72% stake in IDBI Bank Ltd, along with the transfer of management control to the Canadian financial services firm FFHL, with 30.48% coming from the governm...