Shriram Group likely to submit EoI for privatisation of IDBI Bank

Entry of Shriram Group as a bidder, could set the stage for at least a two-way contest for IDBI Bank with Prem Watsa's Fairfax Financial also believed to be a contender

According to insiders, the Shriram Group has been working on a structure for a potential bid for IDBI Bank, the state-owned lender, that is being sold through a competitive bidding process and is likely to submit an expression of interest (EoI) for it soon, reported The Economic Times. The sources told ET that Shriram Group, a financier with its headquarters in Chennai, may establish a different holding company to take part in the privatisation of IDBI Bank.
 

R Thyagarajan-led Shriram Group operates in segments such as commercial vehicle financing, two-wheeler financing, and micro, small, and medium enterprise loans. Entry of