New Delhi, Oct. 15 -- Prem Watsa is a Hyderabad-born billionaire who built Fairfax Financial Holdings into a global business. Known as the "Warren Buffett of Canada", he remains its chairman and chief executive. His company is now linked to a major ownership change at IDBI Bank.

The Union Cabinet approved Fairfax's proposed purchase of a 60.72% stake for Rs.52,877 crore. The transaction includes shares held by the government and Life Insurance Corporation of India. Mint earlier reported that the government would sell 30.48% while LIC would sell 30.24%.

The government would retain 15%, and LIC would retain 19% after the proposed transaction. Regulatory clearances are still required.

Born in 1950 near Hyderabad, Watsa was the third of fo...