Japan Telecom Giant, Softbank Faces $350 million Loss on its Indian Investments
SoftBank said in the earnings statement In the last nine months, the company has faced a loss of $350 Millions. Moreover, the new loss value is lower than the loss recorded in last November. Last year till September 30, Softbank faced $560 million loss under same investments. Two years ago, Softbank had announced plans to invest $10 billion in India by 2024. Since then the company has pumped $2 billion into internet-related projects and solar energy efforts in the country. A Softbank spokesperson said Outside India, Softbank is performing very well and getting more profit. From April to December 2016, Softbank has recorded $7.6 billion net income. The increase is due to its sale of Alibaba shares. Due to its promising initiatives, it attracts high-profile investors like Apple, Qualcomm, and Oracle founder Larry Ellison. Also See: Who will Lead the Smartphone Market during 2017?
