Rs 53k crore IDBI stake sale with LIC takes government past selloff target
The government and Life Insurance Corporation of India (LIC) will sell a combined 60.7% stake in IDBI Bank for ₹52,878 crore to 10955230 Canada Inc, an arm of Fairfax Financial Holdings. This marks the largest-ever financial sector foreign direct investment in India and helps the government exceed its disinvestment target of ₹80,000 crore for the fiscal year.