By Bernard Collins
Visiting India for the first time, Warren Buffett said that he hopes to invest in the South Asian nation after his Berkshire Hathaway Inc. committed more than $35 billion to takeovers in the last two years.

"We hope we spend some money here," said Buffett, who is the Berkshire's chairman and chief executive officer, at a media conference in Bangalore on Tuesday. "I don't consider India as an emerging market. We tend to look at larger countries like India, China, U.K. Brazil, Germany. Those all fit us."

Buffett is seeking deals in the U.S. and abroad as earnings climb at Berkshire. In March, he agreed to pay about $9 billion for engine-additive maker Lubrizol Corp. and in 2010, bought the railroad Burlington Northern Santa Fe for $26.5 billion. Cash holdings at the Omaha, Nebraska-based Berkshire rose to $38.2 billion as of December 31, prompting Buffett to tell investors two months later that his "elephant gun has been reloaded."

Buffett, 80, is seeking to expand into India to tap into the growth in the second-fastest growing major economy of Asia. The $1.3 trillion economy may expand by as much as 9.25 per cent in the year starting April 1- the fastest pace since 2008, the finance ministry forecast in February.

Berkshire started selling insurance to Indian consumers this month after signing an agreement with Bajaj Allianz General Insurance, and will keep doing business in the country in that form for the foreseeable future, as the Indian government bests foreign ownership in insurance companies to 26 percent, Buffett said. "India would be more attractive if we could buy more than 26 per cent," said Buffett. "That is a factor in the decision of not investing."

Allianz SE, Aviva Plc and ING Groep NV are amongst the global insurers that will be investing in their Indian endeavors if the limit is raised in an industry that the Life Insurance Council forecasts as expanding 34 per cent annually.