Tuesday, November 24, 2020
Home BUSINESS Industry U.K. government consortium involving Bharti wins bid for bankrupt satellite firm OneWeb

U.K. government consortium involving Bharti wins bid for bankrupt satellite firm OneWeb

A UK government consortium involving Bharti has won the bid for satellite firm OneWeb, Bharti Enterprises announced on Friday.

Without disclosing the financial details, the statement said the deal will enable OneWeb to complete the construction of a global satellite constellation that will offer enhanced broadband and other services to mobile and fixed terminals in countries across the world.

Meanwhile a statement by the UK government said that it “will provide USD 500 million to deliver first UK sovereign space capability, alongside USD 500 million from Bharti Global”.

Bharti Global Ltd, overseas arm of Bharti, operates out of London.

“I am delighted that Bharti will be leading the effort to deliver the promise of universal broadband connectivity through OneWeb, with the active support and participation of the British Government,” Sunil Mittal, Chairman of Bharti Enterprises said.

The business has substantial commercial use cases across the telecoms, enterprise, aviation and maritime sectors, he said.

“With strong operational execution, we will be able to generate an attractive return for investors, while ensuring that Britain plays a leading role in space and next generation communications,” Mr. Mittal noted.

OneWeb was formed with a mission to offer high speed and low-latency wireless broadband access to billions of people across the globe, particularly in rural areas through a constellation of satellites in low earth orbit, the company said.

“Bharti was one of the founding members of OneWeb and had a strategic stake in the company,” the statement added.

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