Long pending privatization of IDBI Bank appears to be nearing its final stage. According to reports, the Indian government has approved the bid submitted by Canada’s Fairfax Financial Holdings, and an official announcement could be made soon. The deal is estimated to be worth around USD 5.5 billion, or nearly Rs 53,000 crore, making it one of the largest foreign investments in India’s banking sector. Fairfax is led by Indian origin billionaire Prem Watsa, a veteran investor often compared to Warren Buffett. Here is a closer look at his journey.
Who is Prem Watsa?
Prem Watsa was born on August 5, 1950, in Hyderabad into a middle class family. He graduated in Chemical Engineering from IIT Madras in 1971 before moving to Canada in search of better opportunities. He later earned a Master of Business Administration from the University of Western Ontario. His education and early career laid the foundation for what would become one of Canada’s most successful financial empires. Today, Fairfax Financial Holdings has a market capitalization of around CAD 53.1 billion.
How did Prem Watsa build Fairfax Financial?
Watsa began his career in finance in 1974 with Confederation Life Insurance Company, where he managed stock portfolios and conducted investment research. The experience helped him understand the insurance and investment business in depth. After working there for a few years, he founded Hamblin Watsa Investment Counsel Ltd., focusing on investment management. In 1985, he established Fairfax Financial Holdings, which has since grown into a global financial services and investment company.
Why is he called Canada’s Warren Buffett?
Prem Watsa’s investment philosophy is often compared with that of legendary investor Warren Buffett. He is known for his long term value investing approach, disciplined capital allocation and focus on buying quality businesses at attractive valuations. Because of this strategy and his consistent track record, Watsa has earned the nickname “Canada’s Warren Buffett” in global financial circles.
What are Fairfax’s investments in India?
Fairfax has built a significant presence in India over the years. Through its Indian subsidiary, the company owns around 40 percent of CSB Bank. It also has investments in IIFL Capital and holds a major equity stake in Bengaluru’s Kempegowda International Airport. Beyond India, Fairfax has diversified investments across North America and Europe in banking, insurance and infrastructure businesses.
What is Prem Watsa’s net worth?
According to Forbes, Prem Watsa has an estimated net worth of about USD 2.6 billion, or nearly Rs 25,000 crore. He is among the wealthiest Indian origin business leaders in Canada. From a modest middle class background in Hyderabad to building a global investment powerhouse, Watsa’s journey is regarded as one of the most inspiring success stories in the financial world. In recognition of his contributions, the Government of India has also honoured him with the Padma Shri award.
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First published on: Jul 15, 2026 04:35 PM IST
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About the Author
Mamta Singh
Mamta Singh is a senior journalist with over 17 years of experience in the media industry, specializing in business and financial journalism. She holds a Master’s degree in Broadcast Journalism and has built a distinguished career across print, digital, and broadcast media. Over the years, she has worked with leading media organizations. In addition to her journalism career, Mamta has also worked as a Radio Jockey. She is known for her insightful reporting, editorial expertise, and strong communication skills across multiple media platforms.
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