Buffett open to large buyout opportunities in India
Describing himself as having "lucky genes" for doing business, the world's leading investor Warren Buffett today indicated that his sprawling conglomerate Berkshire Hathaway would be open to buyouts in India.business Updated: Mar 23, 2011 21:59 IST
Describing himself as having "lucky genes" for doing business, the world's leading investor Warren Buffett on Wednesday indicated that his sprawling conglomerate Berkshire Hathaway would be open to buyouts in India.
At some point in the next six months or two years or five years, when some large Indian corporation looks for a "permanent new home" and believes that Berkshire Hathaway is "best place in the world", they "don't forget me", he said.
The American multi-billionaire investor, who is on his maiden visit to India, showered praise on the warmth extended to him here. "I am just overwhelmed by the welcome I have received from the moment we got here. They treat me much better in India than they do in the United States," he said.
On the second day of his visit, Buffett held several top-level interactions, including a meeting with Karnataka Chief Minister B S Yeddyurappa.
"This is a country (India) on the move," said the world's third richest man at an interactive session organised by the Confederation of Indian Industry (CII).
Praising India and China, he said both the countries were "exploding" in terms of opening up human potential.
Berkshire Hathaway has most of its investments in the US.
The conglomerate recently forayed into India's non-life insurance sector as corporate agent of Bajaj Allianz General.
In response to a query on how much percentage has luck contributed to his success, Buffett said, "I have been enormously lucky. I had very, very lucky genes."
According to him, 1930 -- the year he was born -- was a "wonderful time" to be born in the US. Buffett said had he been born in a different society, "he would not have (had) same chances".
"Personally, I would much prefer not to be born rich", he said and added that he would like to be born with "certain talent" that's useful to the society so that it could lead to good life.
"When I come back (to India), I will be 100 in 2030," he joked, but added that he planned to come back much before that and was hopeful of seeing business expand here by then.
"We want to be where the action is and the action is here," said Buffett, who yesterday admitted to having made a late entry into India.
Buffett, who has pledged 99 per cent of his wealth to social causes, is in India to further philanthropy initiative.
Meanwhile, Infosys CEO Kris Gopalakrishnan, who attended the CII session, said that Buffett and Bill Gates are "great examples" of philanthropy.
He added, however, "There are great examples in India also. So, I think we need to talk about these examples and people will follow (with philanthropic activities). I don't think it should be made mandatory (for companies)."