Billionaire Buffett eyes India

WEALTH CREATION

OMAHA, Nebraska: Warren Buffett said on Saturday he plans to visit India next March, and would not rule out the country for possible future investments.

Speaking at Berkshire’s annual meeting in response to a shareholder question, Buffett said he had decided only on Friday to make the trip, saying the company’s Iscar Metalworking Cos unit “is doing very well there”.

He said “we do not rule out India” as a possible locale for future Berkshire investments, whether in companies or marketable securities, though bureaucratic obstacles could complicate any plans to invest, including limitations on foreign ownership.

“We’ve looked a lot at being in the insurance business in India,” he added. Insurance and reinsurance are Berkshire’s main business lines. Demographers expect India to overtake China as the world’s most populous country within the next two decades, and Buffett predicted that “people in India will be living a lot better 20 years from now.”

Buffett does not disclose where he plans to make future investments, but occasionally travels outside the United States to seek opportunities or check on Berkshire investments.

Among Berkshire’s investments in Asia are the South Korean steelmaker Posco and Chinese car and battery maker BYD. — Reuters

Both have been profitable, giving Berkshire respective paper profits of US$1.32bil and US$1.75bil as of year-end, according to Berkshire’s annual report. — Reuters