Buffett likes it big in India's insurance market
22 March 2011
Warren Buffett's investment company Berkshire Hathway is looking at investing in large markets and India is a logical destination for the man who found his home country United States less attractive at least for the short-term.
Billionaire Buffett's India visit also follows Berkshire Hathaway's entry into the Indian insurance sector as a corporate agent for Bajaj Allianz General Insurance.
He is also expected to launch his firm's insurance selling portal for Bajaj Allianz.
Buffett, however, said that restrictions on foreign ownership in India's insurance industry could be a deterrent.
"It would be more attractive to us if we could buy more than 26 per cent of the company," Buffett said.
Indian rules do not allow foreign firms to own more than 26 per cent in an insurance joint venture with a local partner.