Telecom giant SoftBank has pledged an investment of $10 billion (over Rs 60,000 crore) in India's IT and communications space, one of the biggest investment commitments from a Japanese firm after Prime Minister Narendra Modi's visit to that country.
Softbank-one of the major telecom and internet corporations of Japan-will look for opportunities in telecom and the fast-growing e-commerce sectors in India.
The proposed investment was committed by Softbank Chairman and CEO Masayoshi Son in a meeting with Telecom Minister Ravi Shankar Prasad, an official statement said on Monday.
"Mr Son today assured the Minister that SoftBank would like to invest approximately $10 billion in India in the coming years. He placed it on record that India is the top most priority for SoftBank," the Telecom Ministry statement said.
Son told Prasad the visit of Prime Minister to Japan has created a climate of hope and optimism about greater economic cooperation between the two countries, it added.
With a market cap of $92 billion, SoftBank has operations in broadband, fixed line telecom, e-Commerce, finance, media and marketing. SoftBank already has made investments in Indian companies including InMobi and Hike.
"He (Son) further expressed immense faith in the great eCommerce potential of India. He estimated it to become a $0.5 trillion business in the next 10 years," the statement said.
Sources said that SoftBank has plans to invest in ecommerce firm Snapdeal. However, Softbank and Snapdeal did not immediately respond to queries on the matter.
SoftBank Chairman also asked Prasad to develop a robust mobile phone infrastructure and resolve spectrum issues.