Japanese conglomerate SoftBank Group has split into two organizations which will look into domestic and global operations. Nikesh Arora, SoftBank’s Group’s chief operating officer, is now the CEO of the global operations. SoftBank, in a release, said that Arora will also be continuing his role of COO at SoftBank Group.
The investment securities held by SoftBank Group will be transferred to the respective operations management company in phases. “The investment securities of global subsidiaries and affiliates such as Starburst Ⅰ, Inc. (a holding company that holds the shares of Sprint Corporation) and Alibaba Group Holding Limited are projected to be transferred primarily to the global operations management company from SoftBank Group,” the company said in a statement.
Domestic subsidiaries such as SoftBank Corp. and Yahoo Japan Corporation are to be transferred primarily to the domestic operations management company from SoftBank Group. The transfers are expected to happen by the end of December 31, 2016 and the method and timing will be left to SoftBank chairman Masayoshi Son.
Investments in India to go up
Earlier in January, Son had said SoftBank will accelerate its investments in India in the forthcoming future. He said they’ve “already invested around $2 billion over the past year and even if they rescale, it will only go up”, during the Stratup India, Stand Up India event.
Arora joined SoftBank in 2014 as vice chairman and as CEO of SoftBank Internet & Media Inc (SIMI) and led several marquee investments in India which includes Snapdeal with $627 million, a $210 million investment round in cabs aggregator Ola and a $90 million funding round in property search startup Housing.com.
It’s also worth noting that in 2012, Bharti Softbank (BSB), a 50:50 Joint Venture between Bharti Enterprises and SoftBank Corp, announced a partnership with Yahoo Japan, for developing a mobile internet portal for the Indian mobile market. The Companies have formed a JV company, BSY Pte. Ltd. for this purpose. Bharti Softbank currently operates three mobile ventures including mobile messaging app Hike, mobile gaming venture Tiny Mogul Games and location-based deals service Hoppr.