1. SoftBank writes down marquee India investments by $550 m

SoftBank writes down marquee India investments by $550 m

Japan’s telecom and internet conglomerate SoftBank Group has recognised a loss of around $550 million from its marquee investments in India — Snapdeal and Ola...

By: | Bengaluru | Published: November 9, 2016 6:02 AM

Japan’s telecom and internet conglomerate SoftBank Group has recognised a loss of around $550 million from its marquee investments in India — Snapdeal and Ola — for the six-month period ended September 2016, compared with a profit in the comparable period last year.

In a regulatory filing, SoftBank said, “Gain or loss arising from financial instruments at fair value through profit or loss (FVTPL) comprises mainly changes in fair value of preferred stock investment including embedded derivatives, such as ANI Technologies Pvt. Ltd and Jasper Infotech Private Limited in India, designated as financial assets at FVTPL.” A large portion of this loss is largely due to the appreciation of the Japanese yen against other currencies. SoftBank had reported a profit of 112,625 million Japanese Yen from these Indian investments during the six-month period of 2015.

Both Snapdeal and Ola have been in the market for raising fresh rounds of funds even as they face intense competition from global players in the Indian market.

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