Bangalore, March 22, 2011: Berkshire Hathway is looking at large investment destinations and India fits into the company’s scheme of things. Warren Buffett, who ostensibly has ’gone missing’ from the US, found India to be a logical investment destination.
Speaking to the press in Bangalore he said he was hoping to spend some money in India. Buffett is is visiting the facility of TaeguTec, which is owned by Israeli company Iscar. Buffett’s Berkshire Hathaway purchased 80% stake in Iscar in 2006.
Buffett visit to India is part of his Asia tour and includes visit to two cities - Bangalore and New Delhi. This is 80-year old Buffett’s maiden visit to the country. Before arriving in India, he visited South Korea. Earlier this month, Buffett’s Berkshire Hathaway tied up as a corporate agent for Bajaj Allianz General Insurance, thereby marking its entry into the insurance sector.
Although investors across India would have liked Buffett to give personalised advice, but the Oracle of Omaha refrained from soliciting by saying "don’t buy or sell actively as I don’t know how I do it". He did not want to give an opinion on the state of Indian economy either "...preposterous to give an opinion on Indian economy two hours after landing in India".
Speaking about his pet project philanthrophy, Buffett chose to show is admiration for Bill Gates first before admitting that he has everything in the world and he was doing something what he and his late wife discussed in the early part of his life. Warren Buffett and Bill Gates are in India, to convince the super-rich of the nation to part with their wealth for philanthropic causes, as part of their ’The Giving Pledge’ campaign which started off in the United States of America.
Warren Buffett described it as 9/11 of US. He ruled out a long-term impact on the world economy. He had hoped to include Japan as part of his Asia trip, but canceled after authorities in Japan advised against it.
Courtesy: Money Control