SoftBank Group Corp to invest crores in India next year

Business : This is great news for India. SoftBank Group Corp will invest up to Rs 37,225-74,450 crore in India next year. Rajeev Mishra, CEO, SoftBank Investment Advisors, said the investment amount would depend on the attractive valuation opportunities available to the company in the Indian market. If we get opportunities at attractive valuations, we will take investment in India to Rs 74,450 crore.

So far, SoftBank has not been disappointed with the investments made in India, he added. Indian startups have performed well in the company's portfolio. This is the reason why SoftBank plans to increase stake in Indian companies. This investment company has invested Rs 22,335 crore in India so far this year. Notably, SoftBank's Vision Fund posted a loss of Rs 53,604 crore in the September quarter.

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The biggest contributor to this loss has been the decline in the value of its investments in Chinese companies. The Chinese government has launched a campaign against big tech companies. But in India, SoftBank has not suffered such setbacks.

Strong demand from the festive season has given tremendous support to the domestic economy. Last month, the retail business grew by 34% in comparison to October 2020 and 14% as compared to the previous level (October 2019). Food and grocery and jewelry sales grew the most. Compared to October last year, there has been an increase in this case from 31% to 59%. Retail industry sales are expected to grow further. Many sectors have crossed the level in this case before last 2-3 months. It is expected that the trend of retail sales will remain positive in November as well.