Emirates NBD bank has submitted a bid to acquire IDBI Bank, which is owned by the Indian government. The government and the state-owned Life Insurance Corporation of India (LIC) plan to sell a 60.7% stake in the bank as part of a broader government privatization program. Based on the bank's current market capitalization of 1.14 trillion Indian rupees ($12.60 billion), the value of the 60% stake will be over $7.5 billion. The planned sale has also attracted bids from a Canadian investment group. The government owns 45.48% of the bank's shares, while LIC owns 49.24%. The sale of IDBI Bank was first announced in 2022, and the government plans to announce the buyer next March.
