Dubai-headquartered Emirates NBD has emerged as one of the contenders to buy a majority stake India's IDBI Bank.
According to widespread India media reports, Emirates NBD and Canada's Fairfax Group submitted their expression of interest (EOI) earlier this week to buy the 60.7% majority stake that is being offered by the Government of India and Life Insurance Corporation (LIC).
Currently, the Indian government and the Life Insurance Corporation (LIC) hold 94.71% in the lender.
IDBI Bank has a pan-India presence with 1,940 branches, 1,416 centres and 3,343 ATMs.
The prospective change in ownership follows the Indian government's decision to allow foreign funds and investment companies registered outside of India to own more than 51% of IDBI Bank
The deadline for submitting Expressions of Interest was 7 January. The second round of the bidding process will involve financial bids from the shortlisted bidders.
The deal is anticipated to be completed in the fourth quarter of 2024.
