Bharti to pour in additional ₹3,700 cr into OneWeb, to become the largest shareholder
By MYBRANDBOOK
Bharti is all set to become the largest shareholder in OneWeb, the satellite communications company, with an investment of an additional USD 500 million (over ₹3,700 crore). Sunil Mittal-run Bharti Group along with the UK government had rescued the company from bankruptcy last year.
The investment is a result of exercise of a 'call option' by Bharti. As the transaction will be completed and with Eutelsat's USD 550 million investment, Bharti will hold 38.6%. The UK government, Eutelsat and SoftBank will each own 19.3%, OneWeb said in a statement.
The transaction is expected to be completed in the second half of 2021, subject to regulatory nod.
"OneWeb, the global low-earth orbit (LEO) satellite communications company, has secured further fundraising on the anniversary of the successful bid by the UK government and Bharti Global (Bharti) to purchase OneWeb from US Chapter 11 to bring its total funding to USD 2.4 billion," OneWeb informed.
OneWeb has completed its transformation with the exercise of a call option by Bharti to invest an additional USD 500 million into the company, it added.
The announcement comes as OneWeb gears up for its eighth launch on July 1, delivering much-anticipated and strategically valuable Arctic region coverage down to 50 degrees latitude.
As per the statement, the final shareholding structure could change to the extent a member of the shareholders' group chooses to exercise a part of the call option.
On completion, OneWeb will have secured USD 2.4 billion of equity investment, with no issued debt.
OneWeb's Executive Chairman Sunil Bharti Mittal noted that the company represents a "unique opportunity" for investors at a key moment in the commercialisation of Space.
"With its Global ITU LEO Spectrum priority, telco partnerships, successful launch momentum and reliable satellites, OneWeb is ready to serve the vital needs of high-speed broadband connectivity for those who have been left behind. Nation-states can accelerate their universal service obligations, telcos, their backhaul and enterprise and governments can serve remote installations," Mittal added.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Girish Mathrubootham
Girish Mathrubootham is the Founder of Freshworks (previously known ...
Icons Of India : ALOK OHRIE
Alok Ohrie leads Dell Technologies’ India business, overseeing Sales...
Icons Of India : NANDAN NILEKANI
Nandan Nilekani is the Co-Founder and Chairman of Infosys Technologies...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...