Telecom giant SoftBank pledges USD 10 billion investment in India
Japanese telecom giant SoftBank has pledged to invest US $10 bn in India’s IT and communications sector in the coming years. This is one of the biggest investment commitments from a Japanese firm after PM Modi’s visit. Softbank will look for opportunities in telecom and the fast-growing e-commerce sector in India.
Meeting between Telecom Minister and Softbank CEO
The commitment for investment was given by the Chairman and CEO of Softbank, Masayoshi Son, in a meeting with Telecom Minister Ravi Shankar Prasad. He declared that India is the top most priority for SoftBank. Son requested the Minister to develop a robust mobile phone infrastructure and resolve spectrum issues in India.
Softbank’s presence in India
In 2007, SoftBank had established a subsidiary in India named Japan Telecom India Private Limited. SoftBank also has multiple investments in Indian companies including InMobi and Hike. Earlier in October, SoftBank has signed an agreement to invest US $250 mn in the media company, Legendary Entertainment. Also, SoftBank is also believed to be looking to invest in the Indian e-commerce firm, Snapdeal.
Softbank is one of the major telecom and internet corporations in Japan. Its CEO, Masayoshi Son, is Japan’s richest businessman. Softbank has a market capitalisation of US $92 bn, and its operations extend to broadband, fixed line telecom, e-Commerce, finance, media and marketing. The Vice-Chairman of Softbank is India-born Nikesh Arora, who formerly worked with Google.