Dubai-listed Emirates NBD has been shortlisted to submit a bid to buy a majority stake in Indian state-backed IDBI Bank, according to a media report.

The other two bidders are Canada-based Fairfax Financial Holdings and Indian lender Kotak Mahindra Bank, Reuters reported.

The Indian government owns 45.48% and state-owned Life Insurance Corporation of India holds 49.24% in IDBI Bank, the report said. They plan to offload 60.7% of the lender.

The sale process for the bank was first announced in 2022, the news agency said.

(Editing by Seban Scaria seban.scaria@lseg.com )