Telecom giant SoftBank of Japan on 27 October 2014 pledged to make an investment of 10 billion US dollars (over 60000 crore rupees) in India's IT and communications sector in coming years.
With this investment, SoftBank looks forward for opportunities in telecom space and the fast-growing e-commerce sector in India.
The investment proposal was made by SoftBank Chairman and Chief Executive Officer (CEO) Masayoshi Son during his meeting with Union Telecom Minister Ravi Shankar Prasad. During his India visit, Masayoshi Son also met with Prime Minister Narendra Modi in New Delhi.
Apart from this, SoftBank Group and Snapdeal on 28 October 2014 also announced definitive agreements under which SoftBank Group will become the largest investor in Snapdeal, through a total investment of 627 million US dollar.
The Group also announced a definitive agreement with ANI Technologies Pvt. Ltd. (better known as Ola Cabs) to invest 210 million US dollar in Ola along with existing investors.
Investment proposal from SoftBank is one of the biggest investment commitments from a Japanese firm after Prime Minister Narendra Modi visited Japan. As per Son, the Japan visit of Modi had created a climate of hope and optimism about greater economic cooperation between the two countries.
Softbank is one of the major telecom and internet corporations of Japan. It started out in 1981 as a distributor of computer software. At present, the company has a market cap of 92 billion US dollar and it is operational in broadband, fixed line telecom, e-commerce, finance, media and marketing.
Who: Japan's SoftBank
When: on 27 October 2014