(Reuters) – Berkshire Hathaway Inc is in negotiations to invest about 20-25 billion rupees ($ 285.4-356.7 million) in India's One97 Communications Ltd, the mother of digital payments company Paytm, the Economic reported Times on Monday.
Paytm, a digital wallet company, is on the roadside in Calcutta, India on January 25, 201
Berkshire, the conglomerate led by billionaire Warren Buffett, will take a 3-4 percent stake in Paytm's parent company, and the deal is made through a primary subscription of stocks, the paper quoted people quoted who are familiar with the matter. bit.ly/2LsBzXT
If materialized, it could be Buffett's first direct investment in India.
Todd Combs, one of Berkshire's key fund managers, who is also considered the company's potential chief investment officer, leads the transaction, the newspaper said.
Berkshire's investment could be completed in the coming weeks, with Paytm worth more than $ 10 billion.
Japan's SoftBank and China's Alibaba Group are among the key supporters of Paytm.
Berkshire, One97 Communications, Softbank and Alibaba did not immediately respond to requests for comment.
Reporting by Mekhla Raina in Bengaluru; Edited by Gopakumar Warrier