Chairman and CEO of Berkshire Hathaway Warren Buffett, who is in India, regaled audience in Bangalore by saying he regarded metal as a very exciting industry. This was the first time he admitted his liking for a particular sector since he stepped into the country.
The 'Oracle of Omaha' has a succession plan ready as well. Speaking to investors in Bangalore Buffett said he knows who will take over from him. "Just that I have not announced it yet." (So, will Ajit Jain succeed?)
Speaking to a group of investors, Warren Buffett reminded he has begun insurance operations in India only in the last 10 days but "unlikely that I would get into Indian automobile market by myself".
The 80-year-old billionaire investor exhibited his huge appetite to further grow his empire Berkshire, whose market cap stands at a staggering USD 200 billion. "Berkshire is in the acquisition hunt for good profitable businesses," he said but refrained from spelling out an acquisition strategy that he will adopt in India. During his first brush with Indian media yesterday, Buffett had said India was a logical investment destination and the country was too big to be called an emerging market.
What convinced Buffett to come to India?
www.moneycontrol.com
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