Warren Buffett's Berkshire Hathaway Reportedly Invests Rs 2,500 Crore in Paytm
One97 Communications Ltd., the parent company of Paytm, has announced that it has received an investment from the Warren Buffett's Berkshire Hathaway, making it the very first Indian visitor to have received an investment from the Oracle of Omaha. The development comes merely days later media reports suggested that the two entities are very close to reaching a deal.
While neither political party officially revealed any details about the transaction, media reports advise that the Wall Street business firm acquired between iii-iv pct of the Indian company for anything between $300 one thousand thousand (Rs. 2,100 crore) and $400 meg (Rs. 2,800 crore), valuing One97 Communications betwixt $10 billion and $12 billion (Rs. 70,000 crore to Rs. 84,000 crore).
Every bit part of the bargain, former hedge fund managing director and electric current investment manager at Berkshire Hathaway, Todd Anthony Combs, who reportedly led the talks between the 2 companies, is joining the One97 lath as Berkshire's representative. In a argument issued Tuesday, Combs heaped praise on Paytm, saying that the company is poised to transform the payments and financial sector in India.
I accept been impressed by Paytm and am excited about beingness a part of its growth story, as it looks to transform payments and financial services in India
Sources familiar with the new developments have revealed that discussions between One97 Communications Ltd. and Berkshire Hathaway have been going on since last February, and the new deal was discussed at a recent board coming together held a few weeks ago.
Berkshire Hathaway is the latest in a long line of global biggies to have bought a stake in One97 Communications. The company had earlier received substantial investments from Masayoshi Son-led Japanese conglomerate, Softbank, equally well equally the Jack Ma-led Chinese tech behemothic, Alibaba, amidst others.
Source: https://beebom.com/warren-buffetts-invests-paytm/
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