US billionaire investor Warren Buffett, on his maiden visit to India, said Tuesday he was looking at investing in the fast-growing South Asian nation. The chairman of investment firm Berkshire Hathaway, which last week bought US lubricant maker Lubrizol for $9 billion, said "we need to make large commitments so India is a very logical place to look."
Buffett, known as the "Oracle of Omaha" for his investment savvy, added that he did not consider India with its $1.3 trillion economy "as an emerging market, I consider India a very big market." "We hope to spend some money here," said Buffett, whose company had amassed around $38 billion in cash by the end of 2010.
Buffett was speaking in India's high-tech hub of Bangalore. He arrived in India on Tuesday to join Microsoft co-founder Bill Gates in seeking to persuade India's super-rich to part with some of their wealth as part of "The Giving Pledge" campaign started by the two tycoons last year. Gates and Buffett, who went on a similar mission to China last September, are to meet with wealthy Indians on Thursday in the capital New Delhi. Buffett, who has an estimated net worth of $50 billion, said the pair planned to talk to business leaders "about what we have done. If it seems like a good idea (to them) - terrific.
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