India, Oct. 15 -- The Cabinet Committee on Economic Affairs (CCEA) on October 14, 2026, approved 10955230 Canada Inc., the parent entity of Fairfax Financial Holdings Ltd., as the strategic buyer for a 60.72% stake in IDBI Bank Ltd.

The acquisition has a purchase consideration of Rs.52,878.08 crore and covers the Government of India's (GoI) 30.48% stake and the Life Insurance Corporation of India's (LIC) 30.24% stake in the bank, according to a government statement.

IDBI Bank is a scheduled commercial bank regulated by the Reserve Bank of India (RBI). The bank previously required repeated capital infusions because of its weak financial position, with support initially provided by the government and subsequently by LIC.

On May 5, 2017, ...