Categories: Business

bharti global and UK government win auction for OneWeb

Photo: AP

bharti global and UK government win auction for OneWeb

new Delhi. Bharti Enterprises of Sunil Mittal has won the bid for the bankrupt satellite company OneWeb in collaboration with the UK government. On behalf of Bharti Enterprises, this consortium includes Bharti Global. The bankrupt company was in broadband operation through satellite. Both sides will invest $ 100 million in the satellite company to set up a whole series of satellites in the lower orbit to speed up other services including broadband.

According to reports, the UK government will invest $ 500 million in the satellite company and buy a stake in OneWeb, while Bharti Global will invest the same and take over the affairs of the company. The satellite company filed for bankruptcy in March, when its largest investment, SoftBank, stopped funding.

This deal is very important for the UK government because it can work with Bharti Global to create an alternative to the Galileo satellite navigation system of the European Union. According to the government, with this deal, they will be able to provide accurate navigation system as well as super fast broadband service. This deal is also considered very important in the political circles of Britain.

The deal may be finalized on July 10, when the US Bankruptcy Court will give its verdict on the company's sale case. OneWeb is headquartered in London and has a business presence in the US. The company had already sent 74 satellites before filing for bankruptcy. According to the company, after getting all the approvals on the deal, it will first call back the retrenched employees who were recently fired. Airbus has the job of making spacecroft for the satellite company.

This post was published on July 3, 2020 6:46 pm

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