Japan's Softbank eyes Punjab's real estate sector for investment
Japan's Softbank Group on Tuesday evinced interest to invest in Punjab's real estate sector, with a focus on student housing, through OYO. The Indian hotel aggregator is backed by the SoftBank Group.
A high level delegation, led by MD Hiroki Kimoto, called on Punjab Chief Minister Amarinder Singh, who extended his government's full support for realisation of Softbank's investment plans in the state.
Amarinder Singh assured the delegation of seamless and smooth investment in the state through its single-window clearance platform, Invest Punjab.
The new Industrial Policy, coupled with lucrative incentives and facilities, was facilitating investors in a big way, with over Rs 50,000 crore investment already realised on the ground during the past two years, the chief minister told delegation members, according to an official statement here.
Earlier, briefing the delegation on the various projects, Additional Chief Secretary, Investment Promotion and Industries and Commerce, Vini Mahajan said Punjab had a vibrant real estate sector, with areas around Chandigarh seeing excellent growth.
Reputed international players were looking at affordable housing, and student and senior citizen housing facilities as a potential investment sector, she added.
Taking part in the deliberations, Lovely Professional University Vice Chancellor Ashok Mittal said they were in advanced talks with Softbank for a potential collaboration for the construction of student hostels, as there was a huge demand for hostel facility for domestic and international students.
Softbank is one of the biggest investors in the Indian startup ecosystem, with approximately 20 per cent of its investments in India-based businesses, the statement said.
Last month, the Japanese investment firm announced that it had received approximately $108 billion in commitments for the planned establishment of its new fund, SoftBank Vision Fund 2. The fund will be used for continued acceleration of the AI revolution through investment in leading tech-enabled growth companies, Softbank said.
(Disclaimer: Additional background information has been added to this PTI copy for context.)
(Edited by Teja Lele Desai)