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Wednesday, July 28, 2021

Bharti to invest Rs 3,700 cr more in OneWeb

The investment will make Bharti the largest shareholder in OneWeb, which it had bid for and purchased in partnership with the UK government last year.

By: ENS Economic Bureau | New Delhi |
Updated: June 30, 2021 6:49:13 am
Sunil Bharti Mittal. (File)

Bharti group’s Bharti Global will invest more than Rs 3700 crore in OneWeb addition to the investments it had already made so far in OneWeb, the low-earth orbit satellite communications company, it said in a statement on Tuesday.

The investment will make Bharti the largest shareholder in OneWeb, which it had bid for and purchased in partnership with the UK government last year. Bharti made the investment in OneWeb by exercising its ‘call option’, and the deal is expected to be completed by the second half of this 2021, the company said. Once the deal is complete, Bharti will hold 38.6 per cent stake in the company, while the UK government, Eutelsat and SoftBank will each own 19.3 per cent.

The company plans to have 648 low-earth-orbit satellites as part of its global plan to deliver high speed internet services with low latency

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