In the next eight years, Masayoshi Son, founder and CEO of SoftBank Group Corp said that his company will invest $10 billion (Rs 68,220 crore) in India -- in companies that are in the internet and renewable energy space, especially in solar power.
The company has already invested $2 billion in the last two years, some of which were made by Nikesh Arora, who Son has designated to become his successor. But after Arora’s shirt stint, and a sudden exit, Son returned as the head of strategy and investment.
“I will invest $10 billion into India in the next ten year. I am the man who keeps his words... In the next eight years I will surpass my word,” Son said, at the Hindustan Times Leadership Summit in Delhi on Friday.
Recently, he has raised $100 billion in partnership with Saudi Arabia (which has committed $45 billion). SoftBank will give $25 billion to the fund. For the rest, Son has investors, lined up. “It is over subscribed,” he said.
Son is known to have the ability to crystal gaze into the future. He invested $20 million in Alibaba, which is China’s largest e-commerce company, and a large competitor to Amazon.
“Fifteen years ago we made lots of investment in China. Five years before that I made investments in Japan. Ten years before that in the US. All of them were in internet related companies,” Son said.
India is a silver lining in the world of internet. According to Mary Meerker’s report, in 2015, if internet users in India had not grown at 40%, the trend would have reversed.
“India has the best opportunity ahead of us. That is why I come here today,” Son said.
Few of the things that Son pointed out was a large population (after China), a huge democracy, adoption of new technologies, and new excitement ahead of us.