SoftBank chairman Masayoshi Son had committed to invest $10 billion in India over a decade, on Friday.
SoftBank Group Corp. is close to tying up $100 billion for a technology fund that it announced with the government of Saudi Arabia, the Japanese company’s founder and chief executive officer Masayoshi Son said.
“I am talking to a few investors and I think we are oversubscribed,”
Son said at the Hindustan Times Leadership Summit in New Delhi on Friday, without providing detail. He said he came to New Delhi straight from a visit to Saudi Arabia.
“This is the country with such a large population, this is a country which is a democracy, many of you speak English, this is the country where I think new technology is going to happen and new excitement is coming…this is the country where I am very much interested in investing,”
Son said at the HT Leadership Summit here.
“…I am a man to keep my words… We have already invested USD 2 billion in the last couple of years. Eight more years to go. I am going to surpass my word on the commitment,”
SoftBank and Saudi Arabia’s Public Investment Fund announced the new venture in October with the Japanese company saying it will invest $25 billion, while Saudi Arabia committed $45 billion. The two have been talking to other investors for the remaining $30 billion.
Improving earnings at SoftBank’s US unit Sprint Corp. and steady cash flows at home have freed Son to focus on his longer-term vision for a company that’s made tens of billions investing in companies such as Alibaba Group Holding Ltd. and Supercell Oy. Qatar and Abu Dhabi investor Mubadala Development Co. are considering investing in what is tentatively named SoftBank Vision Fund, people familiar with the matter have said.
Son said with the funding in place he will be looking for opportunities to make the investments.
“There is new technology and new excitement in India,” he said.
Son, 59, has been among the most bullish investors in Indian startups and SoftBank has plowed hundreds of millions of dollars into its portfolio in the country including Uber Technologies Inc. rival Ola in the ride-hailing segment and Amazon Inc. rival Snapdeal.