BTech from IIT Ajit Jain did not know insurance business, now in race for billionaire's heir

BTech from IIT Ajit Jain did not know insurance business, now in race for billionaire’s heir

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Two names are at the forefront of the race to succeed the world’s third richest person and famous industrialist Warren Buffett. One is Georgy Abel and the other Ajit Jain. Both of them were inducted into the board of directors only last year and both have been working with Buffett for a long time. Abel had joined the energy division in the company in 1992 and Jain joined the insurance division in 1986.

READ: Ajit Jain may be the successor of the world’s third richest man

Jain studied from IIT Kharagpur
Born in 1951 in Cuttack, Odisha, Ajit Jain has been the Vice Chairman of Insurance Operations of Berkshire Hathaway. Ajit, the cousin of Anshu Jain, a former Co-CEO of Deutsche Bank, was brought up in Odisha. In 1972, he obtained a B.Tech degree in Mechanical Engineering from IIT Kharagpur.

Jain, once a salesman, is now the owner of 14 thousand crores
Ajit Jain is the owner of 2 billion dollars i.e. 14 thousand crore rupees. According to Forbes, Warren Buffet is currently the third richest person in the world, with a net worth of $ 89.8 billion, or about Rs 6.29 lakh crore. Jain worked as a salesman in International Business Machines Corporation (IBM) for data processing operations in India from 1973 to 1976. He also lost his job in 1976. Actually, IBM had closed this project in India.

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The name of Ajit Jain of Indian origin is in discussion in the race for Warren Buffett’s heir.

America’s Shifting Story
Jain moved to America in 1978 and then did his MBA from Harvard University and got a job at McKinsey & Company. Jain returned to India in the early 1980s and married. Shortly after marriage, Jain along with his family again shifted to America. Jain currently lives in New York.

Didn’t know insurance business before
In 1986, Jain left McKinsey and took over the insurance operations of Warren Buffett. Earlier in 1982, Jain was invited by his former boss Michael Goldberg to join Berkshire Hathaway, but then Jain had said that he knew little about the insurance business.

It was only five years ago that there was a sign of succession
After this, in an annual letter issued to shareholders in 2014, it was said that either Zain or Abel could be a suitable successor to Warren Buffett. Then in January 2018, Jain was inducted into Hathway’s board of directors, along with being appointed vice chairman of Berkshire Hathaway’s insurance operations.

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Tags: Billionaires, Business news in hindi, India, Indian origin, Warren Buffett

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