Prem Watsa's Fairfax to Acquire Controlling Stake in India's IDBI Bank

Fairfax Financial Holdings, the Toronto-based insurance and investment group headed by Prem Watsa, is set to acquire a controlling stake in IDBI Bank for roughly ₹53,000 crore, the biggest foreign infusion into an Indian bank to date. The Cabinet Committee on Economic Affairs approved the deal, which will see Fairfax become the primary shareholder while the Indian government and Life Insurance Corp. together keep a sizable minority interest.

This acquisition concludes a prolonged government push to sell its controlling share in the bank. Watsa, a Hyderabad-born investor often likened to Warren Buffett, has long pursued opportunities in India, including previous ventures in insurance, banking and infrastructure. His strategy relies on using insurance premiums as long-term capital, a model that has earned him the nickname “Canada’s Warren Buffett.” The IDBI transaction underscores the broader trend of foreign firms betting on India's expanding affluent class and rapid economic growth.