Warren Buffett in talks with India's Paytm for investment

Source: Xinhua| 2018-08-27 20:14:59|Editor: xuxin
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MUMBAI, Aug. 27 (Xinhua) -- U.S. business magnet Warren Buffett's Berkshire Hathaway is in talks to invest about 20-25 billion to Paytm parent One97 Communications in India, local media reported on Monday.

According to Economic Times, One97 could be the first direct investment in India by the legendary investor.

A transaction could be clinched in the coming weeks valuing Paytm, which is engaged in mobile payments and online financial services, at over 10 billion U.S. dollars and giving it more heft.

The firm already counted China's Alibaba Group Holdings and Japan's Soft Bank as its major stockholders, the report added.

The transaction was discussed at a board meeting of Paytm a week ago.

"Berkshire Hathaway is impressed by the scale that Paytm has been able to build in a short period of time. They realize that technology companies go through a cycle of losses before they start generating cash," the Economics Times quoted the source which is close to the company as saying.