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Bharti invests half a billion in UK start-up OneWeb
30th Jun 2021 14:32
(Sharecast News) - Indian firm Bharti Global has invested $500m in UK-based space start-up OneWeb in a deal that also grants the Indian firm a 39% stake in the company.
The new investment will help OneWeb launch more commercial satellites into space later in 2021 as part of its project to build a network of low Earth orbit satellites. The network will provide broadband connections around the world.
OneWeb says it currently has 218 satellites, and is due to launch a further 36 on Thursday.
The deal is expected to be completed in the second half of this year.
"In just a year and during a global pandemic, together we have transformed OneWeb, bringing the operation back to full-scale. With this round of financing, we complete the funding requirements," Bharti Global's Managing Director Shravin Mittal said in a statement on Wednesday.
The British satellite provider also has the UK government as a major shareholder after it injected $1bn in 2020 to save it from bankruptcy. The move sparked criticism from detractors who believe public money shouldn't have been used to save a private company from going under.
SoftBank and Eutelsat are also investors in the firm. The UK government, Eutelsat and SoftBank each own 19.3% of the firm.
Earlier this week, OneWeb signed a deal with BT to explore ways to provide broadband internet to remote parts of the UK and people at sea.
The new investment will help OneWeb launch more commercial satellites into space later in 2021 as part of its project to build a network of low Earth orbit satellites. The network will provide broadband connections around the world.
OneWeb says it currently has 218 satellites, and is due to launch a further 36 on Thursday.
The deal is expected to be completed in the second half of this year.
"In just a year and during a global pandemic, together we have transformed OneWeb, bringing the operation back to full-scale. With this round of financing, we complete the funding requirements," Bharti Global's Managing Director Shravin Mittal said in a statement on Wednesday.
The British satellite provider also has the UK government as a major shareholder after it injected $1bn in 2020 to save it from bankruptcy. The move sparked criticism from detractors who believe public money shouldn't have been used to save a private company from going under.
SoftBank and Eutelsat are also investors in the firm. The UK government, Eutelsat and SoftBank each own 19.3% of the firm.
Earlier this week, OneWeb signed a deal with BT to explore ways to provide broadband internet to remote parts of the UK and people at sea.