Fairfax-IDBI bank deal signals stronger India-Canada economic ties: Canadian Minister

Bengaluru (Karnataka) [India], October 16 (ANI): Canadian Minister of International Trade Maninder Sidhu on Friday said that the Fairfax-IDBI Bank deal marks the largest investment by a Canadian entity in a major Indian bank and signals stronger economic cooperation between the two countries.
Speaking to ANI on the sidelines of the signing of commercial agreements between India and Canada, Sidhu said Canadian investors were keen to expand their presence in India.
“This is the largest investment by a Canadian entity in one of India's largest banks, valued at close to 8 billion Canadian dollars. This sends a signal that both India and Canada are ready to work together more closely in economic cooperation,” he said.
India recently approved the sale of a 60.7 per cent stake in IDBI Bank to Fairfax Financial Holdings.
Highlighting Fairfax's existing investments in India, including its ownership stake in Bengaluru International Airport, Sidhu said, “Canadian investors are willing and able to do more here in India.”
Several commercial agreements and memoranda of understanding (MoUs) were also signed between Indian and Canadian entities on Friday.
Sidhu also stressed the importance of security cooperation alongside economic engagement. He said Canada's Minister of Public Safety was leading discussions on security cooperation between the two countries.
“The security dialogue is about keeping our communities safe, whether from violent extremism, organised crime, money laundering or transnational operations,” he said, adding that both countries would continue discussions while respecting each other's sovereignty.
According to government data, India's exports to Canada increased from USD 4.22 billion in FY25 to USD 4.67 billion in FY26. India exported 5,517 different commodities to Canada during FY26, reflecting the diversity of its export basket.
Bilateral merchandise trade between India and Canada reached USD 10.9 billion in 2025, comprising USD 7 billion in Indian exports to Canada and USD 3.9 billion in Canadian exports to India.
Foreign direct investment (FDI) equity inflows from Canada into India totalled Rs 31,204.9 crore, or USD 4.34 billion, between April 2000 and March 2026. (ANI)