Fairfax IDBI Stake Deal, Marco Rubio's Jamnagar Visit, And Houthi Missile Threat
The Union Cabinet has approved Fairfax-backed Canada Inc. as the strategic buyer for a 60.72% stake in IDBI Bank for 52,878 crore rupees, leaving the Centre and LIC with a combined 34% holding. While the government highlights the winning bid of 81 rupees per share above its fair value benchmark, the United Forum of IDBI Officers and Employees has sought parliamentary scrutiny over valuation and public safeguards. In foreign affairs, US Secretary of State Marco Rubio is scheduled to visit Mumbai and Jamnagar rather than New Delhi, placing commercial energy interests and Reliance Industries' refining hub at the forefront amid friction over Russian oil purchases. Additionally, Yemeni Houthi rebels are reportedly seeking to manufacture long-range ballistic missiles using components seized from China, while in the US, a 19-year-old was arrested in Illinois over an alleged white supremacist plot targeting a Hindu temple.