Warren Buffett, visiting India for the first time, said the country's 26 percent foreign ownership limit of insurance companies deters his Berkshire Hathaway Inc. (BRK/A) from making an investment in the industry.
Buffett, 80, is seeking deals in the U.S. and abroad as earnings climb at Omaha, Nebraska-based Berkshire. He agreed this month to pay about $9 billion for engine-additive maker Lubrizol Corp. (LZ) and last year bought railroad Burlington Northern Santa Fe for $26.5 billion. Berkshire's cash holdings rose to $38.2 billion as of Dec. 31, prompting Buffett to tell investors two months later that his "elephant gun has been reloaded."
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