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India’s Bharti And UK Win Auction For Satellite Operator OneWeb: Report

File photo: A scale model of an Airbus OneWeb satellite and its solar panel are pictured as Airbus announces annual results in Blagnac, near Toulouse, France February 14, 2019. REUTERS/Regis Duvignau

OneWeb filed for Chapter 11 bankruptcy at the end of March after its biggest investor SoftBank Group Corp pulled funding, with an auction held on Thursday.

  • Reuters London
  • Last Updated: July 3, 2020, 4:36 PM IST

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Indian conglomerate Bharti and the British government have won an auction for collapsed satellite broadband operator OneWeb, a person familiar with the situation told Reuters.

Prime Minister Boris Johnson’s government has pledged 500 million pounds ($623 million) in equity and the two groups are talking to other investors about entering the consortium. The UK is expected to hold around a 20% stake.

OneWeb filed for Chapter 11 bankruptcy at the end of March after its biggest investor SoftBank Group Corp pulled funding, with an auction held on Thursday.

The person was speaking on the condition of anonymity because the details have not been made public.

Source: News18