Buffett to invest more, looks for acquisitions

BANGALORE, INDIA: Warren Buffett, the world's third richest billionaire, said on Wednesday India is a country on the move and he will look at acquisitions when opportunities come up.

During a meeting with Karnataka Chief Minister B.S. Yeddyurappa and later at a meeting organised by the Confederation of Indian Industry (CII), Buffett expressed readiness to do business in India and hailed the state for attracting global investments.

"I look forward to doing more business in India. I came here with enough knowledge of the Indian economy and that has been reinforced," Buffett said at an interactive session with Yeddyurappa and top officials.

Bufftett is all praise for Bangalore

Lauding the state government for doing the right thing to attract global investors, Buffett said he made the right decision to first land in Bangalore on his maiden trip to India and was delighted to be in this tech hub.

"You are doing the right thing. I couldn't feel more delighted to be here. This is my first trip to India and I first landed on Bangalore soil. I think I made the right decision. I could not feel more welcome and people are wonderful," Buffett said.

To come back to India again

The Berkshire Hathaway chief executive said in lighter vein that he would revisit India and Bangalore in 2030 when he would turn 100 years. He hastened to add he would like to come much earlier.

Buffett said he was overwhelmed by the welcome he received from the moment he landed Tuesday evening.

"They treated me much better in India than they do in the United States and I am touched by the Indian hospitality," Buffett told the chief minister.

Inviting Buffett to be the chief guest of the next Global Investors' Meet the state government would hold in June 2012, Yeddyurappa urged the billionaire to explore investment opportunities in Karnataka.

Buffet also lauded the state government for facilitating the setting up of a food-processing plant at Nanjungud near Mysore, about 200 km from here, by global major Nestle in a record 10 months.

Philanthropy initiatives

Referring to his philanthropic activities, Buffett said he would talk to Indian billionaires on what he was doing in the area and how to give back more to society.

"We are not here to pressurise anybody. Everybody has his own understanding of philanthropy. I will be talking to Indian billionaires about our philanthropic activities and find out what they are doing," Buffett pointed out.

Asked on his advice to young entrepreneurs in India, Buffett said: "The best investment one can do is to invest in yourself. The more you understand yourself, the better is your judgment."

Addressing the CII meeting, he said: "India is a country on the move that offers all kinds of opportunities."

The 80-year-old chief of Berkshire Hathaway, a conglomerate based in Omaha in the US, hoped that large Indian corporations "don't forget me" when they look for a "permanent new home".

However, he did not give any indication of the sector in which he was interested in investing.