NEW DELHI: Japan’s Softbank Group Corp said it had recognised a loss of over $1.4 billion relating to investments made by the Tokyo-headquartered investor, citing, in particular, its investments in troubled ecommerce marketplace Snapdeal and ride-hailing app, Ola.
The Masayoshi Son-led telecommunications giant said, on Wednesday, it had recorded a “loss from financial instruments at Fair Value through Profit or Loss (FVTPL) of ¥160,419 million in its consolidated financial statement for the fiscal ended March 2017.”
It wrote off ¥114,059 million as a special loss in its non-consolidated financial statements for the same period that represented impairments of its investments in subsidiaries and associates, including that of Starfish I Pte Ltd.
Starfish I is an intermediate holding company, which owns preferred shares in Jasper Infotech, which owns and operates Snapdeal, and ANI Technologies, which operates Ola.
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