SoftBank Chief Masayoshi Son likely to meet PM Narendra Modi today, November 27. What’s on agenda?
SoftBank founder Masayoshi Son to meet Indian Prime Minister Narendra Modi as the company eyes more artificial intelligence and technology projects in the country, reported Reuters.
Masayoshi Son, the billionaire founder of Japan's SoftBank Group Corp, is likely to meet Indian Prime Minister Narendra Modi today, November 27, a source with direct knowledge of the matter told Reuters.
Here's what's on agenda?
While the matter of discussion was not immediately clear, the visit comes as SoftBank eyes more artificial intelligence and technology bets in Asia's third-largest economy.
Earlier on Tuesday, the source added that Son met Mukesh Ambani - India's richest man and chairman of oil-to-telecoms conglomerate Reliance Industries where the duo discussed potential artificial intelligence opportunities in India.
Son's final schedule could change, the source said. They did not want to be named as they are not authorised to speak to media.
Meanwhile, SoftBank has reaped gains from successful listings of its backed companies, the most recent of which is food delivery firm Swiggy.
Indian shopping website OfBusiness, another firm SoftBank backs, is targeting a $1 billion IPO in 2025 amid a boom in Indian primary markets, according to a report by Reuters. The initial public offering is expected to be around $750 million to $1 billion, out of which new shares will account for $200 million and the rest will be given by existing shareholders to new investors.
SoftBank Group Corp. swung to a quarterly profit on a series of successful Indian listings and a rebound in tech valuations that boosted the Vision Fund portfolio.
The Tokyo-based company earned a net income of ¥1.18 trillion ($7.7 billion) in the September quarter, compared with a net loss of ¥931 billion last year. Analysts projected on average a net income of about ¥295 billion for the period. The Vision Fund reported a gain of ¥373 billion, thanks to strong initial public offerings for Indian startups and valuation gains in Coupang Inc. and Didi Global Inc.
(With inputs from Reuters)
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Business NewsCompaniesNewsSoftBank Chief Masayoshi Son likely to meet PM Narendra Modi today, November 27. What’s on agenda?
First Published:27 Nov 2024, 06:29 AM IST
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