West Bengal, Feb 29: The world's third richest man, Warren Buffet is likely to invest in Indian railways, which has been facing massive financial crisis since few months, said reports.
Union Railway Minister Dinesh Trivedi said that he has been in constant touch with the American value investor who has expressed his interest to invest in cash-strapped Indian railways.
According to Forbes magazine's Nov 2011 report, Buffet has a net worth of around $39 billion.
Earlier, in 2009, the American Value investor had acquired the Burlington Northern Santa Fe Corp (BNSF) for $34 billion. The BNSF is the largest railroad in the US and accounts for 37 per cent of America’s inter-city freight.
The railway department will require Rs 14 lakh crore for the next 10 years for the modernisation of rail network which include automation of signalling system, strengthening of track and procurement of modern rolling stock.
Meanwhile, the Railways is all set to increase passenger travel fair in the coming budget session to overcome the growing financial crisis. The passenger fares have not been increased for eight years in spite of raising input costs.