India received revised bids for IDBI Bank stake sale from Fairfax, Emirates this month - govt source

The Indian government has received revised bids for IDBI Bank from Canadian investment group Fairfax Financial and Emirates NBD, according to a government source. The government and Life Insurance Corporation of India (LIC) plan to sell a combined 60.7% stake in the bank as part of its broader disinvestment strategy. The government owns 45.48% of IDBI Bank, while LIC holds 49.24%.

The revised bids are being evaluated under the government’s stake sale process, with the government aiming to finalize the sale by March 2026. The sale of IDBI Bank was initially announced in 2022, and the government has previously indicated that the successful bidder will be allowed to rename the bank.

Earlier reports indicated that the bids submitted by Fairfax and Emirates NBD fell below the government’s reserve price, raising the possibility of the sale being canceled. However, the government has now received revised proposals, signaling continued interest in the strategic disinvestment. The outcome of the evaluation will determine whether the government proceeds with the sale or revises its approach.