India protests $5.5 bn Fairfax bid for IDBI Bank
On 2 November, employees of IDBI Bank and opposition leaders in India called for a strike and urged the government to halt the proposed sale of a 60. 72% stake in the bank to Fairfax Financial Holdings, citing valuation and public-interest concerns. The protest followed earlier criticism of the deal. On 29 October, opposition figure Rahul Gandhi wrote to IDBI staff questioning the sale and raising concerns about employee rights, reservation policies and public ownership.
The United Forum of IDBI Officers and Employees then urged an immediate suspension of the sale and a parliamentary review, citing valuation and social-responsibility issues. The Ministry of Finance defended the valuation and bidding process, saying it was based on delegated powers and independent assessments and noting that Fairfax’s Rs 81-per-share bid exceeded benchmark estimates. Finance Minister Nirmala Sitharaman also defended the transaction, stating that the government had revived the bank after inheriting it in poor condition.
