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.