India's Finance Minister Defends IDBI Sale Amid Opposition Criticism
Finance Minister Nirmala Sitharaman in India defended the government's plan to sell a 60. 72% stake in IDBI Bank to Fairfax Financial Holdings, saying the bank had been revived after being inherited in poor condition, and the statement was made on 30 October. Earlier, opposition leader Rahul Gandhi had written to IDBI staff questioning the sale, citing concerns over employee rights and reservation policies.
The United Forum of IDBI Officers and Employees subsequently called for an immediate halt and a parliamentary review, arguing the valuation and social responsibilities were inadequate. The Ministry of Finance had earlier said the valuation and bidding process followed delegated powers and independent assessments, noting Fairfax's Rs 81-a-share bid exceeded benchmark fair-value estimates.
