Initially there were four bidders who cleared the fit and proper criteria of the Reserve Bank—Kotak Bank, Fairfax, Emirates NBD and the US-based private equity firm Oaktree Capital.
It can be noted that Fairfax India Holdings Corporation, the Toronto-based firm founded in 2014 and controlled by the Andhra born Watsa’s Fairfax Financial, holds significant investments in infrastructure, financial services, and logistics, including major stakes in Bangalore Airport, CSB Bank, and IIFL group companies and as of December 2025 these investments value tops %7 billion.
While it owns 64% of Bangalore International Airport, in the financial services space it has substantial holdings in CSB Bank, IIFL Finance, IIFL Wealth (now 360 One), and 5paisa Capital. Its other investments include Seven Islands Shipping, Saurashtra Freight (51% stake sold in late 2025), and Fairchem Organics.
On the other hand, Emirates NBD, which has paid a whopping $3 billion for a 60% stake in the struggling RBL Bank last August, this would be the biggest deal if it goes through, which analysts feel is more likely given its sovereign ownership and the very warm diplomatic and business relationships between both the governments. In fact, many pointed out that its RBL deal was done so easily because of this double ties.
The government and Life Insurance Corporation are jointly selling a 60.72% of their close to 95% holding in IDBI Bank, which it has been working on since 2021. While the government will dilute 30.48% of its 45.48% stake in IDBI Bank, while LIC which holds 49.24% will sell 30.24%.
