Softbank set to invest over $10b in India

18 Jan 2016
00:00
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Daily News

Japan's Softbank has invested over $2 billion in India over the past year and plans to accelerate its pace of investment in the burgeoning market, according to CEO Masayoshi Son.

According to Son the company is on track to invest more than the $10 billion it had planned to pour into the market over the next 10 years, the Wall Street Journal reported.

The Indian market is poised for massive growth, driven in part by the influx of new internet users migrating to 3G services, prompting Softbank to ramp up its efforts in the nation.

Recent Softbank investments in India include online retailer Snapdeal and taxi-hailing app Ola Cabs, the report states.

The company is also teaming up with Bharti Airtel subsidiary Bharti Enterprises and Foxconn to invest in renewable energy in the market.

Softbank is known for making large investments in international markets as part of its diversification efforts, such as the company's $21.6 billion acquisition of Sprint in the USA.

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