Buffett focuses on business, sees interest in giving

Buffett focuses on business, sees interest in giving

Legendary investor Warren Buffett, accompanied by Bill and Melinda Gates and Wipro chairman Azim Premji, today met a group of Indian entrepreneurs to share their views on philanthropy.

“There was a lot of enthusiasm among people we met today about giving in the best possible way,” Buffet said at a news conference after the meeting. He added, however, that it remained to be seen how the enthusiasm translates into action.

Organisers of the event said “some 70” Indian entrepreneurs attended, but declined to divulge names of invitees. Gates said the meeting was not linked to The Giving Pledge — the campaign he launched with Buffett last year to encourage America’s richest people to give away most of their money to social causes — and was not intended to get Indian entrepreneurs to make any public pledge about philanthropy. Buffett has focused mostly on his businesses on the trip, which has come within days of the launch of his company Berkshire Hathaway’s first Indian venture. On March 2, Berkshire Hathaway announced it was entering the non-life insurance sector as a corporate agent of Bajaj Allianz General Insurance.

Buffett is meeting J Harinarayan, chairman of the Insurance Regulatory and Development Authority on March 25, reportedly to impress upon the regulator that lifting the 26 per cent FDI cap will be in the interest of the sector. The same day, he is scheduled to meet customers who have bought a Bajaj Allianz motor policy using the Berkshire platform. “Given Buffett’s stature, getting him to meet the customers directly is a marvelous promotional exercise for Berkshire,” said a senior executive at a leading advertising agency.