Japan's SoftBank kicks off $10 billion India online spree, buys stake in Snapdeal

Japanese telecom and media group SoftBank Corp has set its sights on Indian e-commerce in its aggressive expansion drive, saying it will invest about $10 billion in the booming sector as it took a strategic stake in one of its rising stars. Masayoshi Son, chief executive of SoftBank, laid out a 10-year investment plan for India on Tuesday, starting with the purchase of a $627 million stake in fast-growing online marketplace Snapdeal. Son's global ambitions flared into public view last year when SoftBank bought No. 3 U.S. The Snapdeal purchase comes as international investors hunt deals in online retail in India, which has the world's third-largest Internet user base but where e-commerce is still relatively underdeveloped.

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