Softbank seeks to enter electric power supply business

TOKYO Thu Jan 30, 2014 7:59pm EST

TOKYO Jan 31 (Reuters) - Softbank Corp said on Friday it is seeking to become an electricity supplier in Japan, taking a step towards breaking into the heavily regulated Japanese power sector.

A wholly owned subsidiary of Softbank unit SB Energy has submitted an application with the Ministry of Economy, Trade and Industry, Softbank said.

The Japanese telecoms firm said it wanted to enter the market as soon as possible this year. The application would allow it to provide electricity to companies, and eventually to individual consumers if the power supply market is fully liberalised as planned by 2016. (Reporting by Reiji Murai; Writing by Chang-Ran Kim; Editing by Edmund Klamann)