Fairfax Financial to invest $7 billion over 4 years

New Delhi, Aug 12: Indian origin Canadian billionaire Prem Watsa on Wednesday said Fairfax Financial Holdings has invested USD 7 billion in India so far and will double it in the next 4-5 years.

 

 

 

A business-friendly environment makes India one of the favorite destinations for foreign investment, Watsa said speaking virtually at India@75 session.

 

 

 

The chairman of the Financial Holdings said his company has so far invested USD 7 billion in India and it plans to double that investment in 4-5 years. Piyush Gupta, CEO of DBS Group of Singapore, said that India stands an opportunity of its vast pool of engineers, digital innovation, analytics, and AI among others. In reply to a query on the company's interest in IDBI Bank, which is set to be privatized, he said the group has no such plans and it is entirely focused on the integration of the erstwhile Lakshmi Vilas Bank, Gupta said DBS will focus on the 600 strong branches which the group has after LVB acquisition. Earlier this month, the Singaporean lender DBS' locally-incorporated subsidiary reported a post-tax profit of Rs 167 crore for 2021-22.

 

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DBS Bank India had a net profit of Rs 312 crore in the year-ago period. But the bank said the results are not comparable because of its merger with LVB in November 2020, which made FY22 the first full year of operation for the larger entity.