(BRK.A), (BRK.B)
Berkshire Hathaway HomeServices Orenda India will develop a 1,000-acre smart city to be located in close proximity to Navi Mumbai airport.
Maharashtra Chief Minister Eknath Shinde signed a MoU with Berkshire Hathaway Home Services Orenda India for a collaboration to create the social and physical infrastructure for a smart city in the Raigad district.
“As part of this agreement, the firm will help develop a complete ecosystem for industrial, commercial, and residential development, while the government will provide access to land as well as assistance in obtaining various permits and licences,” the company said in a statement.
The announcement comes as Berkshire Hathaway HomeServices Orenda India announced in December 2022 the opening of its new office in Mumbai.
The second office will help the firm’s foray into newer markets beyond northern India, as it looks to significantly ramp up its pan-India presence through 15 regional offices by 2025. The company is currently looking to set up additional offices in Bengaluru and other tier-1 cities, which have traditionally been high-income markets with disposable income.
Warren Buffett’s success as an investor and Berkshire Hathaway’s financial strength are key selling points as the brand expands throughout India.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.