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Warren Buffett says India holds "unexplored" opportunities
The Berkshire Hathaway CEO discussed the allure of India's "unexplored" market at the company's annual general meet on May.3.
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Berkshire Hathaway CEO Warren Buffett. / X/@WarrenBuffett
Berkshire Hathaway's billionaire CEO Warren Buffett called India an "unexplored" market where there may be an "unattended" opportunity at the company's annual general meeting on May.3.
Buffett was responding to a question from DoorDarshi Advisors' Rajeev Agarwal, who asked him whether Berkshire was considering the world's fifth-largest economy for investment.
"It is a very good question. I am sure there are loads of opportunities in countries like India," Buffett said, adding "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."
Another topic at the meeting was about the consideration of reducing Apple holdings due to recent slowdowns. However, the Berkshire CEO clarified that Apple would remain one of their largest holdings keeping in mind the long-term view of the stock.
Recently, Apple CEO Tim Cook hinted in a conference call to investors that the company plans to make more smartphones in India, calling it the "pragmatic" approach it needed to follow to be more competitive. Apple is said to have recorded a production of $14 billion in India last year but the bulk of the output was exported. India is said to be the second-largest smartphone market in the world.
At the Berkshire meet, Buffett also confirmed to shareholders that the Vice Chairmen duo of Ajit Jain, who is an Indian-American, and Greg Ebel, would be the people to carry his company forward after he departs.
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