A UK government consortium involving Bharti has won the bid for OneWeb, which develops satellite technology in the UK and in the US.
While Indian telecom czar Sunil Mittal’s Bharti did not share the deal details, UK business secretary Alok Sharma said his government and Bharti Global will provide $500 million each.
Bharti Global Ltd, the overseas arm of Bharti, operates out of London, and its investment portfolio spans telecom, technology, hospitality, transportation and energy.
OneWeb was formed in 2012, with a mission to offer high speed, and low latency wireless broadband access to billions of people across the globe, especially in rural areas through a constellation of satellites in low earth orbit.
Bharti was one of the founding members of OneWeb and had a strategic stake in the company. Bharti and the UK government will each get a 45 per cent stake in OneWeb with existing investors retaining 10 per cent.
“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 Bharti Enterprises, said.