Prem Watsa, known as the Warren Buffet of Canada, plans to invest at least $1 billion in India as part of a consortium. Watsa’s company, Fairfax Financial Holdings has already invested $27 billion worldwide. The IIT Madras alumnus left India 42 years ago and is counted amongst the wealthiest individuals in Canada.
Watsa announced the setting up of a new company that will specifically focus on India. However, though he did not divulge which sectors he would invest in, he was clear that he would stay out of e-commerce – a fast-growing sector in India that has attracted millions of dollars in recent times – and commodities.
“We will have a very strong focus on India. At least a billion dollars is what we are targeting to start with, led by Fairfax. This will be more permanent capital, which means invested in India for the long term,” said Watsa. His optimism about India has increased manifold since the election. He met Modi for about half an hour on November 21, and described the occasion as “inspirational”. He expects Modi to do for India what Lee Kuan Yew, the first prime minister of Singapore, did for his country – transform it into one of the major business centres of the world.
