Japan’s world hit startup financier – Softbank, has announced $ 20billion investment in India’s solar energy sector.
Softbank’s global compatriot, Taiwan’s multinational electronic firm Foxconn will be partnering with desi firm Bharti Enterprises in the new investment announced by the Japanese firm.
The new project is one of the biggest renewable energy investments in India.
Soft bank became globally known after its breakthrough investment in China’s ecommerce sensation Alibaba; where the Japanese start up financing entity has 19% holding. It has made a $20 million investment in Alibaba fourteen years back and it has grown into $50 billion.
Softbank is also the largest investor in India’s ecommerce sector with its commendable holding in Snapdeal.
Cash rich Softbank’s consistent effort to engage with India’s growing economy through startup type investment is a trend maker.
Early this year, Softbank has announced its plan to make India born Nikesh Arora as the next Chief Operating Officer of the company. Mr Arora is going to be the first Indian origin executive lead a major Japanese firm.
Regarding the proposed solar project, Bharti’s Sunil Mittal is full of hope in his partnership with the two global firms in venturing into the renewable energy sector.
“At Bharti, we believe in projects that have a transformational impact on society. In line with this vision, we are participating in a renewable energy venture with SoftBank and Foxconn which has the potential to transform the Indian economy,” Mr Mittal has said.
Softbank CEO, Masayoshi Son, who has made several visits to India during the last couple of years also shared the potential of the solar energy sector. “The cost of construction of the solar park is half of Japan. Twice the sunshine, half the cost, that means four times the efficiency,” said Mr. Son.