The Globe and Mail reports in its Thursday edition that Fairfax Financial Holdings is taking control of IDBI Bank in India for $5.6-billion (U.S.), marking the largest foreign investment in the country's financial services sector. The Globe's Andrew Willis writes that Fairfax is buying a 60.72-per-cent interest in IDBI Bank from the government of India. IDBI ranks among the 10 largest banks in India by market capitalization and is in the top 15 by assets. IDBI also owns an investment bank that finances infrastructure projects. Fairfax plans to expand IDBI by combining the bank with its 49-per-cent interest in Go Digit General Insurance and its holding in investment bank IIFL Capital Services. Founded in 2017, Bangalore-based Go Digit offers car, motorbike, health, fire and property insurance through an on-line platform and has about 80 million customers. Last year, Fairfax valued its holding in the company at $1.3-billion (U.S.). The Indian government and state-owned Life Insurance Corp. of India took control of IDBI in 2019 after it ran up large loan losses. Four years ago, the government started selling its stake to attract more private capital to the banking sector under Prime Minister Narendra Modi's strategy.