One of India’s most talked-about financial deals is finally moving forward — the long-awaited privatisation of IDBI Bank. And the man at the centre of it all is a fascinating figure: Prem Watsa, a Canadian billionaire who once left India with just eight dollars to his name.
Watsa, the founder and chairman of Fairfax Financial Holdings, is now leading a consortium that has placed a massive bid worth approximately Rs 52,878 crore to acquire a significant stake in IDBI Bank. The deal has drawn enormous attention not just for its sheer size, but for the remarkable personal story behind the man writing the cheque.
Born in Hyderabad, Watsa migrated to Canada decades ago with almost nothing in his pocket. He went on to build Fairfax into one of North America’s most respected insurance and investment conglomerates. Now, in a move that has captured the imagination of both financial analysts and everyday Indians, he is making the biggest bet of his career — right back in the country where his journey began.
In a recent interview with The Economic Times, Watsa made clear just how seriously he views India as an investment destination. He revealed that India has now become the single largest country exposure for Fairfax globally, overtaking all other markets. He also noted that unlike many of his peers in the investment world, Fairfax has deliberately chosen to stay away from artificial intelligence-driven bets, preferring instead to focus on fundamentals.
The IDBI Bank privatisation has been in the works for several years, with the Indian government keen to reduce its stake and bring in strategic private investors. Watsa’s entry could mark a turning point for the bank’s future direction, governance, and growth.
For ordinary Indians, the deal is a reminder that the country’s financial landscape is changing rapidly — and that global investors with deep roots in India are increasingly eager to be part of that transformation.
