Prem Watsa's Fairfax Group Puts Rs 52,878 Crore Into IDBI Bank
· Business · NDTV, Indian Express
Canadian billionaire Prem Watsa has committed Rs 52,878 crore through the Fairfax group toward the acquisition and investment in IDBI Bank. Watsa revealed that his firm spent more than four years pursuing the complex banking deal. Born in India, Watsa famously moved to Canada with just $8 before building a multi-billion dollar investment empire. The massive capital injection marks one of the largest foreign-backed investments in the Indian banking sector. Regulatory approvals and structural integration plans for IDBI Bank are expected to progress following the announcement.
Why it matters
The multi-billion dollar investment represents a major foreign capital commitment to the Indian banking sector and alters the ownership landscape of IDBI Bank.
Read the original report — NDTV
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