Buffett open to making a direct entry into insurance
Saturday, 26 March 2011, 06:30 IST
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New Delhi: Warren Buffett-led Berkshire Hathaway is looking at direct entry into the growing insurance sector and is keenly watching the developments regarding further opening of the sector to foreign investment. The US conglomerate Berkshire Hathaway had recently forayed into the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General. When asked about company's plan to directly enter the Indian insurance market, Berkshire Hathaway head re-insurance Ajit Jain told PTI, "(everything) depends on regulation." India-origin Jain, long rumoured to succeed Buffet, looks after the conglomerate's multi-billion dollar re-insurance business. Billionaire investor Buffett, Chairman and CEO of Berkshire Hathaway, earlier this week said he was looking at investments in large economies like India. On his maiden visit to India, Buffett had said that an foreign investment cap of 26 per cent in insurance sector here was a deterrent.
Source: PTI
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