The “Warren Buffet of Canada” Looks To Invest $1 Billion In Indian Businesses

Prem Watsa, often referred to as the “Warren Buffet of Canada” had stated towards the end of 2014 that he wanted to invest heavily into Indian businesses as he believes the Indian economy will experience massive growth under the leadership of its current prime minister Narendra Modi. Six months have passed since then and Watsa is finally ready to make his investment.

Watsa who was born in India stated that he wants to invest around $1 billion into Indian businesses at the start and then decide about increasing the amount over a period of time. The e-commerce industry in India is growing at a rapid pace and a number of popular companies such as Flipkart, Snapdeal and Jabong have raised huge sums of money from venture capitalists.

Watsa confirmed that he has no plans to invest into e-commerce as the e-commerce companies in India have no problems in finding venture capitalists and raising funds. He wants to target traditional businesses that have a robust management structure along with founders who are in it for the long runs.

Watsa is a billionaire and is currently in India meeting with business leaders to determine which company would make the right fit for his investment. In a statement, Watsa said “We’ve met a lot of businesses — our objective for businesses is honest management, with a long-term track record, who want to build a company and not to sell a company. I am not looking at putting money to someone who wants to sell in the next three or four years. We want to build it over a long period of time.”