SoftBank, a Japanese telecom and media group, released a statement saying that it will "seriously" accelerate its investments in India. On Saturday, SoftBank Chief Executive Masayoshi Son announced during a start-up conference in New Delhi about their plan.
Before the conference, the company had already announced their plan to invest $10 billion in India over 10 years.
"The time has come that the Indian economy will be big enough going forward. Mobile internet will make the domestic internet market big enough," Son said. "I think we would seriously accelerate our investments in India going forward," he added.
During the conference, Son announced that the company has already invested $2 billion in Indian firms in the last year.
The chief executive said he and the SoftBank team are very satisfied with their portfolio and that they are on the search for new opportunities. Son also revealed that the Internet and solar are among the sectors that excite him.
"I think mobile Internet is too slow. More spectrum allocation to the mobile carriers is needed so that they can have better mobile broadband. If I rescale, I will scale up. What will USD 10 billion become, I don't know. If I have said that we will invest USD 10 billion in 10 years, we have invested USD 2 billion in a year. That's over pacing and I think we will accelerate," he said.
He said the more he knows about the country during his visits, the more he gets excited. Son also admitted that there is a huge opportunity in India. "Every market is different. I truly think this is really the beginning of Big Bang for India. In the next 10 years India will repeat the growth China saw in the last 10 years and in my opinion, India could be bigger (than China)."
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