New Delhi: Bharti will invest an additional $ 500 million (more than Rs 3,700 Crore) to Oneweb, to become the largest shareholder in satellite communication companies conducted by the Sunil-Run Bharti Group billionaire along with the British government has been saved from the bankruptcy last year.
Investment is the result of the implementation of ‘call options’ by Bharti.
In the completion of the transaction and with EUTELSAT $ 550 million investment, Bharti will accommodate 38.6 percent.
The British government, Eutelsat and Softbank will each have 19.3 percent, Oneweb said in a statement.
This transaction is expected to be completed in the second half of 2021, subject to the regulation nod.
“Oneweb, Low-Eartbit (LEO) Global Satellite Communication Company (LEO), has received further fundraising on successful warning commemorations by the British government and Bharti Global (Bharti) to buy Oneweb from the US Chapter 11 to bring a total fund of $ 2.4 billion , “Oneweb said.
Oneweb has completed the transformation with the implementation of call options by Bharti to invest an additional $ 500 million into the company, he added.
The announcement came as a oneweb gear for the eighth launch on July 1, providing the coverage of the Arctic region that was highly anticipated and strategic value of up to 50 degrees of latitude.
The statement said that the final share ownership structure could change as far as members of the group shareholders chose to use the part of the call option.
At solving, Oneweb will get $ 2.4 billion in equity investment, without debt issued.
Oneweb executive chairman Sunil Bharti Mittal noted that the company represents “unique opportunities” for investors at key moments in the commercialization of space.
“With the spectrum priority of Leo Global, the telco partnership, the momentum of the launch of the reliable success and satellite, Oneweb is ready to serve the vital needs of high-speed broadband connectivity for those who have been abandoned.” Nations can accelerate their universal services.
Obligations, telcos, backhaul and companies and their governments can serve remote installations, “added Mittal.