Hyderabad-born Prem Watsa built Fairfax Financial Holdings into a global insurance and investment business, drawing inspiration from Warren Buffett. The IIT Madras alumnus moved to Canada with just $8.
Prem Watsa is a Hyderabad-born billionaire who built Fairfax Financial Holdings into a global business. Known as the “Warren Buffett of Canada”, he remains its chairman and chief executive. His company is now linked to a major ownership change at IDBI Bank.
The Union Cabinet approved Fairfax’s proposed purchase of a 60.72% stake for ₹52,877 crore. The transaction includes shares held by the government and Life Insurance Corporation of India. Mint earlier reported that the government would sell 30.48% while LIC would sell 30.24%.
The government would retain 15%, and LIC would retain 19% after the proposed transaction. Regulatory clearances are still required.
From Hyderabad to IIT Madras
Born in 1950 near Hyderabad, Watsa was the third of four children. His father taught English and mathematics before becoming a school principal. His family had limited money but placed great importance on education, honesty and hard work.
Watsa was strong in mathematics and chemistry and chose chemical engineering on his father’s advice. The IIT Madras alumnus attended the institute between 1966 and 1971. However, he later decided that business interested him more than engineering.
During college, he managed sports teams and formed friendships that lasted beyond graduation. He also met Nalini Loganadhan during his final year. They married a few years later.
Canada with just $8
Watsa initially failed to secure admission to the Indian Institute of Management. He worked, studied harder and succeeded on his second attempt. However, he eventually chose Canada, where his older brother had settled.
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