Japan’s SoftBank vows to ‘surpass’ $10 bn India investment promise
Positive on India’s prospects, Japan’s SoftBank on Friday pledged that it will “surpass” the stated commitment of investing USD 10 billion in the country as it ramps up investments in solar power generation and Internet-led businesses.
“We have already invested USD 2 billion in last few years... we will surpass my commitment of investing USD 10 billion,” SoftBank Chairman and Chief Executive Masayoshi Son said at the HT Leadership Summit here.
He further said SoftBank is investing in areas like solar power generation and “lots of Internet-related companies”.
“We continue to expand on that,” said the high-profile businessman, who made headlines earlier this year when he decided to continue as the head of SoftBank instead of handing over the baton to India-born Nikesh Arora.
SoftBank in 2014 had announced plans to invest USD 10 billion in India over the next decade.
It also has a joint venture with India’s Bharti Group, Bharti SoftBank, the investments of which include the mobile application Hike Messenger, now a unicorn.
In January this year, Son had said 21st century belongs to India and huge opportunities exist in the country, but wanted the government to develop a robust mobile phone infrastructure and resolve slow Internet issues.In January this year, Son had said 21st century belongs to India and huge opportunities exist in the country, but wanted the government to develop a robust mobile phone infrastructure and resolve slow Internet issues.
Asked about SoftBank’s over USD 30 billion acquisition of chipmaker ARM, Son said he saw the move as a huge opportunity.
“So many people said you are out of your mind. We paid over 40 per cent premium on the company...But the way I look at it, I was saying to myself I am such a luckiest man, I got a company so cheap,” he said.