Dubai’s Emirates NBD PJSC has expressed interest in acquiring a majority stake in India’s IDBI Bank, joining Kotak Mahindra Bank Ltd. and Fairfax Financial Holdings Ltd. in the early stages of the potential deal, Bloomberg reported.
The lenders have cleared the Reserve Bank of India’s so-called fit-and-proper criteria, a prerequisite to submitting formal bids, according to the news agency.
Bloomberg sources said discussions with prospective buyers are progressing rapidly, with a government body expected to officially launch the sale later this month. India plans to sell its 60.72% holding in the Mumbai-based lender, valued at roughly $7.1 billion at current market prices.
Emirates NBD, the biggest bank in Dubai, last month agreed to buy a controlling stake in RBL Bank Ltd. for about $3.05 billion in the biggest foreign investments in India’s financial sector.
