'Better late than never'

“Better late than never,” is what Warren Edward Buffett, also known by investors worldwide as the Sage of Omaha, has to say about making his first visit to India at the age of 81.

“I do hope that I spend some money here,” he told journalists, kicking off his visit with a lively media discussion here, late this evening.

Arriving directly for the press conference hosted by TaeguTec India after landing in a private jet from South Korea, he held forth on a host of issues –- from regulation in Indian insurance to how one should approach investments in equity markets.

Just days before his visit, Berkshire Hathway, his company, signed up as a corporate agent for Bajaj Allianz General Insurance, marking its entry into the Indian insurance sector.

“We are looking at large investment destinations and India fits into our scheme of things. I do not consider India part of the emerging countries.… it is a big market. I do not have any particular sector focus or have set aside a corpus to invest in India. I go for investments in companies which have sound management and in those companies which I understand pretty well,” he said.

Buffett also said he does not envisage his company doing insurance underwriting in the near future in India and will continue to be a corporate agent until regulatory issues are allowed. On the issue of Ajit Jain, a senior executive of Indian origin in Berkshire who is tipped to succeed him, Buffett was non-committal. "Ajit Jain is a great person and he has made more money for Berkshire than I have.... We have become close friends and he is an extraordinary person," is all he would say.

Buffett’s primary mission to India over the next three days will be to meet a host of wealthy Indians and impress upon them to donate a part of their wealth to philanthropy under 'The Giving Pledge' campaign. Buffett will be meeting a galaxy of top Indian businessmen here tomorrow morning, under the aegis of the Confederation of Indian Industry. He then flies to New Delhi on Thursday to meet other honchos, as well as Prime Minister Manmohan Singh, among others.

“Philanthropy is much tougher than running a business. We do not get an instant feedback on how we are functioning and whether we are on the right track… unlike in a business…. It is much harder…” he said, urging it is high time one went out and helped the ones in need.

Buffett had pledged more than 90 per cent of his $50-billion persoanl wealth to the Melinda & Bill Gates Foundation, for a host of causes across the globe. “I have more than what I need and there are lot of people around the world who will benefit from that money,” he said.

And, then, it was a question he had to face. Being in Bangalore and not talk on the outsourcing debate? “I am (a) strong believer in trade and the world will be a better place if there is more trade. In the long term, the United States will surely stand to benefit if India prospers… and if China prospers,” he said.