(Reuters) – Berkshire Hathaway Inc is in talks to make investments about 20-25 billion rupees ($285.Four-356.7 million) in India’s One97 Communications Ltd, the guardian of digital funds agency Paytm, the Economic Times reported on Monday.
An commercial of Paytm, a digital pockets firm, is pictured at a street facet stall in Kolkata, India, January 25, 2017. REUTERS/Rupak De Chowdhuri
Berkshire, the conglomerate run by billionaire Warren Buffett, is alleged to decide up a Three-Four per cent stake in Paytm’s guardian and the deal is being achieved via a main subscription of shares, the paper stated citing individuals accustomed to the matter. bit.ly/2LsBzXT
If materialized, it may very well be the primary direct funding in India by Buffett, it stated.
One of Berkshire’s key fund managers, Todd Combs, who can also be seen as a possible chief funding officer on the firm, is main the transaction, the newspaper reported.
Berkshire’s funding may very well be clinched in the approaching weeks, valuing Paytm at over $10 billion, the paper stated.
Japan’s SoftBank and China’s Alibaba Group are among the many main backers of Paytm.
Berkshire, One97 Communications, Softbank and Alibaba didn’t instantly reply to requests looking for remark.
Reporting by Mekhla Raina in Bengaluru; Editing by Gopakumar Warrier