Canadian firm Fairfax Financial Holdings' proposed $5.5 billion takeover of IDBI Bank is facing pushback from employees of the Indian state-owned lender and political parties in the country.
On Sunday, the United Forum of IDBI Officers and Employees called for a two-day "nationwide" strike against the sale of the bank to Fairfax. The workers' union also expressed "grave concerns" about the transparency of the sale and valuation process, according to a post on X.
It is demanding that the government "cancel the privatization process" and instead focus on strengthening the bank while protecting public investment and employees' interests.
Last week, Rahul Gandhi, India's leader of the opposition, extended support to the IDBI Bank employee unions opposing the takeover by Fairfax. "Public banks are not assets to be sold off, they are tools to build the nation," Gandhi said in a statement on Thursday.
He added that the sale of over 60% stake in IDBI Bank to Fairfax goes against the commitment of previous governments to hold a 51% stake in the state-owned lender.