Canadian company Fairfax Financial Holdings plans to acquire India's state-owned IDBI Bank for $5.5 billion, but the move has met with opposition from the bank's employees and Indian politicians. The IDBI Bank union has called on the government to cancel the privatization process and instead strengthen the bank, protecting public investment and employee interests. Indian opposition leader Rahul Gandhi also supported the employees, stating that public banks are tools for nation-building, not assets for sale. India's Finance Minister Nirmala Sitharaman, however, said that IDBI Bank was previously in poor condition but has recovered after a 250 billion rupee (approximately $2.6 billion) recapitalization and is preparing for its next phase of growth. Additionally, media reports suggest that government officials may have undervalued IDBI to make Fairfax's offer of 81 rupees per share appear more attractive, while the average fair value is 75.99 rupees per share.