Billionaire investor Warren Buffett said that the Indian market has unexplored opportunities and expressed interest in tapping into them through his conglomerate holding company, Berkshire Hathaway, in the future.
"There may be an unexplored or an unattended opportunity...but that may be something in the future," said Buffet about India.
Buffett made these remarks during Berkshire's annual meeting on Friday in response to a query from Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund specialising in Indian equities.
"It is a very good question. I am sure there are loads of opportunities in countries like India," said Buffet.
Agarwal asked about the potential for Berkshire to expand its operations in India, which is currently the world's fifth-largest economy.
"The question, however, is whether we have any advantage or insights into those businesses in India or any contacts that will make possible transactions that Berkshire would like to participate in. That is something a more energetic management at Berkshire could pursue," said the billionaire investor.
The 93-year-old co-founder, chairman, and CEO of Berkshire Hathaway highlighted the importance of energetic management within the company to pursue such opportunities.
Buffett highlighted Berkshire's strong global reputation and shared his fascination with previous business experiences in Japan.
During the Q&A session, Buffett also addressed various enquiries regarding recent investment decisions by Berkshire Hathaway, notably the reduction in its stake in Apple.
He clarified that this move did not reflect a shift in their long-term perspective on the stock, indicating that Apple is likely to remain one of their largest holdings despite recent adjustments.
Additionally, Buffett assured shareholders of Berkshire's future leadership, highlighting Vice Chairmen Greg Abel and Ajit Jain as capable individuals to steer the company forward after his eventual departure.
Source: India Today