Buffett to set foot in India with Bajaj Allianz General
Billionaire investor Warren Buffett will soon have a foothold in India. Buffett's Berkshire Hathaway says it plans to enter the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.
March 03, 2011 / 18:56 IST
Billionaire investor Warren Buffett will soon have a foothold in India. Buffett's Berkshire Hathaway says it plans to enter the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General, reports CNBC-TV18.
As part of its plans, Berkshire India will sell and distribute general insurance products in India. While the initial focus would be on motor insurance, other areas will also be entered. Berkshire's initial focus will be on motor insurance, but the company will continuously update its business model to meet the needs of the fast evolving Indian insurance sectort, an official statement said."If the market proves receptive, the company will seek to expand its products to include health insurance, life and travel insurance and other personal lines, as well," the statement added.When contacted, Bajaj Allianz said Berkshire Hathaway had not made any investment In Bajaj Allianz.Bajaj Finserv touched an intraday high of Rs 499.90 and an intraday low of Rs 455. At 09:57 hrs the share was quoting at Rs 476.45, up Rs 36.90, or 8.39%.
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