India May Give Fairfax Two Years for IDBI Deal
India is reportedly set to give Canadas Fairfax Financial up to two years to consolidate its banking holdings for the multi-billion-dollar IDBI Bank acquisition. The move helps smooth regulatory compliance under central bank rules.
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India will grant FAIRFAX FINANCIAL HLDGS LTD up to two years to consolidate its domestic bank holdings to clear its acquisition of IDBI BANK LTD in a transaction valued at more than $5 billion, people familiar with the matter said on Thursday morning. The deal marks the largest foreign investment in an Indian bank. It comes as regional conflicts strain public finances and weaker foreign inflows pressure the rupee.
