With reference to the news item appearing in a leading financial daily titled "Insurance Tie-up with Buffet Lifts Bajaj Finserv 20%", Bajaj Finserv Ltd has now clarified to BSE that Berkshire Hathaway will enter Indian insurance business as a Corporate Agent for Bajaj Allianz General Insurance Company Ltd (BAGIC), a 74% subsidiary of Bajaj Finserv Ltd. Berkhsire India, which is a Berkshire Hathaway subsidiary, will sell and distribute general insurance products through its online distribution portal and a telemarketing channel on behalf of BAGIC. It will initially sell motor insurance policies. BAGIC has about 40 corporate agents. The tie up will help expand its customer base. The Company does not have any plan, at present or in the foreseeable future, to sell its equity to Berkshire Hathaway group of companies.
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