Softbank's Son feels India is country of 21st century, to 'seriously' accelerate investments

Japanese telecom and media group SoftBank will "seriously" accelerate its investments in India, Chief Executive Masayoshi Son told a start-up conference in New Delhi on Saturday.

SoftBank Group Corp. Chairman and CEO Masayoshi Son. Reutrers

SoftBank Group Corp. Chairman and CEO Masayoshi Son. Reutrers

Softbank had previously said it would 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."

In a separate interview with CNBC-TV18, Son refused to give a time frame for making the investment.

To a question on when will the investment come in, he said: "I don't know but at least in the last one year we have already invest almost $2 billion. So, if I have said $10 billion in 10 years, I have already done $2 billion in one year, so that is overpacing and I think we would accelerate."

He added that more he knows about India, every time I he visits he gets even more excited. "[I am] more convinced that this is the country 21st century," he said in the interview.

"People are smart 800 million next generation over 35 year old, IT, their English speaking, the largest democracy country in the world, all these things make me believe that 21 century is this country," he added.

Son had in October 2014 laid out a 10-year investment plan for India, starting with the purchase of a $627 million stake in fast-growing online marketplace Snapdeal.

With Reuters

Updated Date: Jan 16, 2016 14:31 PM

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