India homecoming: The Hyderabad-born man behind Fairfax, the Canadian powerhouse that has bought IDBI

At 22, Prem Watsa left Hyderabad for Canada with just $8 in his pocket, despite having little desire to move abroad. More than five decades later, the 75-year-old Indian-Canadian billionaire heads Fairfax Financial Holdings, a Toronto-based insurance and investment group with around $100 billion in assets. The company has now made a major move into India's banking sector by acquiring a 60.72% stake in IDBI Bank.Often described as the “Warren Buffett of Canada”, Watsa has built Fairfax into a global…