Berkshire’s Indian insurance foray depends on regulation, says Jain
New Delhi: Talking about Berkshire Hathaway’s plans to directly enter the Indian insurance market, the company’s head (re-insurance), Ajit Jain, on Friday said, “Everything depends on regulation.” Berkshire Hathaway is already following developments regarding further opening of the sector to foreign investment and had recently forayed into the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.
Buffett, chairman and CEO of Berkshire Hathaway, had earlier this week said he was looking at investments in large economies like India.
On his maiden visit to India, Buffett said a foreign investment cap of 26% in the insurance sector here was a deterrent. India currently allows only 26% foreign investment in the insurance business, but a proposal is underway to hike it to 49%, for which a Bill is pending before Parliament.
As part of its India entry, the American conglomerate has incorporated a company, ‘Berkshire India’, to sell and distribute general...
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