Canadian billionaire Prem Watsa is betting that his Fairfax Financial Holdings Ltd.’s acquisition of IDBI Bank Ltd. will pay off given India’s growth prospects, the Economic Times reported.
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Known for his value-investing approach of taking long-term positions in companies with scope for growth and transformation, Watsa told the newspaper that India’s prime minister is going to make the country “more business friendly.”
“You’re going to get an economic boom in India for the next 10 years, I think, of very significant proportions,” he said.
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Fairfax’s buyout of a 60.7 per cent stake in IDBI Bank earlier this week underscores growing interest in India’s financial sector, as overseas investors seek to tap growth in one of the world’s fastest-growing major economies. The transaction is among the country’s biggest financial-sector deals.
The buyout significantly expands Fairfax’s presence in India, where it already has investments in CSB Bank Ltd. and IIFL Capital Services Ltd.
IDBI Bank, once burdened by heavy bad loans, has emerged from a major cleanup, returning to profitability in recent years after capital support and aggressive recoveries helped it cut non-performing assets sharply.
Fairfax focused on the lender’s potential as it has not expanded because of its problems, Watsa told the newspaper. “We’re always going to keep it financially sound,” with an aim to ensure the fiscal integrity of the bank and the welfare of its employees, he said.
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