To cash in on Asia’s phenomenal growth, billionaire investor Warren Buffet is looking to increase the footprint of his investment company in the region.
Mr. Buffet’s investment company Berkshire Hathaway wishes to buy into shares of large cap companies or acquire entire businesses in South Korea, it is learnt.
Mr. Buffet is in South Korea to witness the commencement of construction of Taegu Tec, a metal cutting company he acquired in 2006.
Berkshire owns shares in Chinese car and battery maker BYD and South Korean steel giant POSCO.
Berkshire is sitting on a cash mountain of $38 billion (£23 billion) and is looking put its cash into better use by snapping up companies.
Mr. Buffet had said last month that Berkshire will undertake “major acquisitions” to expand its portfolio in a letter to investors.
True to his words, Mr. Buffet had announced last week that he would be acquiring US based chemical and lubricants company Lubrizol for $9 billion.
“We are looking for large businesses to buy…we are ready to invest in any country”, showing his appetite for acquisitions.
Mr. Buffet will cement his ties with Asia with a trip to India on Tuesday. Mr. Buffet is scheduled to meet business leaders in the country and launch his firm’s insurance selling portal.