Bill Gates has been there several times. George Soros has. Today it is finally Warren Buffett’s turn. He’s on his first trip to India.
The Sage of Omaha told the BBC, “”I don’t consider India as an emerging market. I consider India as a very big market. We continue to look at large countries like India.” He did not miss an opportunity to publicly criticize Indian regulations that limit foreign investments in the insurance sector to a 26% minority stake, even though he plans to meet Prime Minister Dr. Manmohan Singh later. No one has accused Buffett of being a diplomat :).
Buffett has incorporated Berkshire India to sell and distribute general insurance products in India. India’s insurance regulator IRDA gave approval for the on-line corporate agency set up by Berkshire in India, The agency, where Allianz holds 20 per cent share, will have a capital of more than $5 million and according to media reports is the first such entity setup by Buffett outside the USA.