Prem Watsa has spent decades building Fairfax Financial into a global insurance and investment group with an appetite for contrarian bets. Now he is preparing to spend Rs 52,878 crore, approximately US$5.56 billion, to acquire a controlling 60.72% stake in IDBI Bank, in what is the largest cross-border banking deal in India.
An Indian-born Canadian investor often called the “Warren Buffett of Canada” for his value-investing philosophy and long-term bets on undervalued businesses, Watsa built Fairfax Financial Holdings into a global giant by reinvesting insurance profits and holding investments through market cycles. His approach has earned him a reputation for buying when others are wary, rather than chasing fashionable assets.
