Japanese telecom and internet company SoftBank said it will accelerate its investment in India to more than $10 billion in 5 to 10 years time, reported Press Trust of India. The company so far has invested $2 billion in a slew of internet companies in the country.
Committing its foray into India's renewable energy space, SoftBank's chief executive Masayoshi Son said the company will invest $350 million in a solar project.
In June 2015, SoftBank entered into a joint venture with India's Bharti Enterprises and Taiwan's Foxconn Technology Group to generate 20 gigawatts of renewable energy, reported PTI. The three companies collectively plan to invest more than $20 billion in their partnership venture.
"We would make strong commitments," said Son, adding that the Indian market is well placed for "massive growth," which therefore makes it an "important destination for investors."
On doubts of whether India's internet companies were overvalued, Son said: "We are very very confident about India, so we will increase investment. I am not worried. I am very very excited about the opportunity."
|SoftBank's India Investments|
|Snapdeal||Online retail marketplace||$625 million|
|Ola Cabs||Mobile-based ride hailing taxi aggregator||$210 million|
|InMobi||Mobile-advertising network||$200 million (35% stake)|
|Hike Messenger||Mobile application||JV with Bharti Enterprise--Bharti SoftBank|
|Housing.com||Real estate website||--|
|Oyo Rooms||Hotel-booking App||--|
|Grofers||Online Grocery Shopping||--|
SoftBank is one of Japan's biggest mobile telecom company and is a strategic investor in U.S.-based Sprint Corp. Son, its CEO, has been a big believer of the India story and for long held that the country's e-commerce industry would become a $500 billion industry in 10 years. Confident of India's exponential growth potential, Son had said the country "..will become like China and become worth hundreds of billions of dollars."