India has received revised bids from Fairfax Financial and Emirates NBD for the purchase of its stake in IDBI Bank, as the long-running privatisation process moves into a crucial stage.
The updated offers are being assessed, with a high-level group of bureaucrats having met on 13 July to review the proposed transaction
According to government sources cited by ANI, the disinvestment exercise is expected to be wrapped up within a month. The government of India and state-run Life Insurance Corporation of India (LIC) are proceeding with plans to sell their combined 60.7% stake in IDBI Bank. The government currently holds 45.48% in the lender, while LIC owns 49.24%.
Based on prevailing market valuations, the deal is estimated at roughly USD 5.7 billion. If finalised, it would be one of the biggest foreign investments in India’s banking sector, ANI reported. The sale process had earlier faced a setback.