SoftBank commits to investing $10B in India - Mobile World Live

SoftBank commits to investing $10B in India

05 DEC 2016

SoftBank founder and chairman Masayoshi Son reiterated plans to invest at least $10 billion in India over 10 years, Reuters reported.

Son said the company will likely surpass an earlier commitment of $10 billion he made two years ago in a meeting with India’s Prime Minister Narendra Modi, according to the Economic Times. SoftBank has already invested $2 billion in the country.

The Japanese firm set up a joint venture in June 2015 with India’s Bharti Enterprises and Taiwan’s Foxconn to invest an estimated $20 billion over 10 years into renewable energy projects in India. SoftBank will take a majority stake, while Bharti and Foxconn will have minority stakes in the Delhi-based solar initiative.

SoftBank has been aggressive in investing in Indian startups over the past few years. Two years ago it invested $627 million in the country’s fastest growing and largest online marketplace Snapdeal and took the lead in a $210 million investment in taxi-booking service Ola Cabs.

Outside of India, it recently acquired ARM for £24 billion.

The company announced in October it is joining forces with Saudi Arabia’s largest sovereign wealth fund to create a technology investment fund, which could grow to $100 billion in five years as other partners join.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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