Buffett bullish on India; promises big investments

Bangalore, Mar 22 (PTI) Bullish on India, famed
American investor Warren Buffett Tuesday promised big
investments in the country, preferably in the financial
services and the consumer goods sectors.
Stressing that he should have been in India much
earlier, 80-year-old Buffett said in recent years he saw more
opportunities outside America.
The legendary investor said his company continued to
look at large countries like India because it needs to make
"large commitments". "India is the logical place to look (to
make large commitments). So, I hope I spend some money here
(India)".
On his maiden India visit, Buffett would be meeting
Prime Minister Manmohan Singh and insurance sector regulator
Irda's Chairman J Harinarayan, among others.
Buffett-chaired conglomerate Berkshire Hathaway has
most of its investments in the US.
Without speaking further on his India plans, Buffett
said that an foreign investment cap of 26 per cent in
insurance sector here was a deterrent.
Berkshire Hathaway had recently forayed into the
Indian non-life insurance sector as a corporate agent of Bajaj
Allianz General.
Terming his company's entry into India as "better late
than never", the world's third richest man said that he
understands (companies) that are into soft drinks and chewing
gums rather than IT.
Referring to his buying 100 shares of Microsoft in
1991, Buffett quipped, "... in the end, I did not know enough
about the (IT) business. I will never know enough about the
(IT) business".
The legendary investor also heaped praise on Ajit
Jain, long rumoured to be his successor, but did not provide
any clear hints on his succession plans.
Jain heads reinsurance business of Berkshire Hathaway.
"I owe it to the people of India for sending Ajit Jain
(to me) ... he is much smarter than what I am," Buffett said.
The billionaire investor is in the country as part of
his philanthropic initiatives, but is also expected to look at
possible investment opportunities in the country.