KPMG to help in IDBI Bank divestment

KPMG India has been appointed as the transaction adviser for strategic divestment of IDBI Bank, and the firm will assist the government in the sale for INR 1. About 7 firms, including KPMG, had bid to act as transaction advisor for IDBI Bank strategic divestment. These were Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets. KPMG placed the lowest bid of INR 1, and was selected as the transaction adviser.