Canadian NRI Prem Watsa to invest $1 billion in India

Watsa, known as the Warren Buffet of Canada, plans to invest at least $1 billion in India as part of a consortium, enthused by the economic opportunities he sees in the country. In a first for the 64-year-old NRI businessman, Watsa is setting up a company specifically focused on a country to raise the funds and will make the investments, which may be announced in a week's time. The IIT Madras alumnus didn't specify the sectors that he could be putting his money in, but said that he will stay out of e-commerce – a fast-growing sector in India that has attracted millions of dollars in recent times – and commodities. The Hyderabad-born billionaire left India 42 years ago and went on to be counted as among the wealthiest individuals in Canada. He's known as an investor with the ability to identify a distressed asset as being undervalued, bet on it and reap returns. His investments made Fairfax Canada's most profitable company in 2008.