The strategic sale of IDBI Bank will be completed by the end of FY27, subject to clearance from the Reserve Bank of India, Arunish Chawla, the Department of Investment and Public Asset Management (DIPAM) Secretary, said.
The government on Wednesday said it had approved the sale of a 60.72% stake in IDBI Bank to Canada's Fairfax Financial Holdings for about Rs 53,000 crore ($5.5 billion), in what would be the largest foreign investment in an Indian bank and a major milestone in the country's long-delayed banking privatisation drive.
