Warren Buffett sees global growth over next year
Famous billionaire remains mum on the succession plan for Berkshire Hathaway but did praise Berkshire veteran Ajit Jain.
OPPORTUNITY: Warren Buffett attends a press conference at the Taegu Tec in Daegu City in South Korea on March. 21, 2011. (Photo: ZUMA Press)
MUMBAI - Billionaire Warren Buffett, who is looking to invest in large countries such as China, India and Brazil, said on Wednesday he expected global output to rise "significantly" over the next year.
On his first visit to India, the 80-year-old U.S. investor said he was unlikely to enter the country's automobile market, which is one of the world's fastest growing.
"It's unlikely I would go into that (autos) myself. For one thing, the ownerships are pretty well established in that field," he said in an interaction with executives on India's CNBC-TV18.
His Berkshire Hathaway Inc holds a 10 percent stake in BYD Co Ltd, a Chinese car maker that also makes rechargeable batteries and cell phone components.
Buffett, who is yet to name a successor to take over his $200-billion empire, skirted questions on his succession plan but praised Berkshire veteran Ajit Jain for smoothly running much of the company's insurance business.
"We have a clear succession plan at Berkshire Hathaway, we just haven't announced it yet," he said.
Buffett was in Bangalore to visit the local arm of TaeguTec, a unit of Israeli metal-cutting tool maker ISCAR Metalworking, in which Berkshire has a majority stake.
Ranked the world's third-richest man by Forbes magazine, he is also in India to launch Berkshire's insurance selling portal and is scheduled to meet policyholders in New Delhi later this week in an event advertised as "Wit, Wisdom, Warren."
Earlier this month, Berkshire marked its entry into the insurance sector in Asia's third-largest economy as a corporate agent for India's Bajaj Allianz General Insurance.
On Tuesday, Buffett had said he was looking to invest in large countries, but added that restrictions on foreign ownership in India's insurance industry could act as a deterrent in the sector.
(Reporting by Neha Singh and Bharghavi Nagaraju; Editing by Ranjit Gangadharan)
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