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new Delhi13 hours ago
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The UK government and Bharti Global have taken 42.2% (each) stake in OneWeb, 15.6% by other investors.
- Bharti Global and UK Government Consortium have invested $ 1 billion in new shares of OneWeb
- Hughes Network Systems ($ 50 million) and SoftBank ($ 9 million) have also announced investments in OneWeb
OneWeb has appointed Bharti Enterprises chairman Sunil Bharti Mittal as executive chairman. Low Earth Orbit (LEO) satellite communication company has now exited Bancrpsi. The company will start commercial connectivity service from the end of 2021.
The UK government and the consortium of Bharti Global have invested $ 1 billion in new shares of OneWeb. This has led to the company exiting the US chapter 11 bancapsi. Hughes Network Systems ($ 50 million) and SoftBank ($ 9 million) have also announced investments in OneWeb. The UK government and Bharti Global now hold 42.2 per cent (each) in OneWeb. Other investors hold 15.6 per cent.
OneWeb will continue to launch satellites in 2021 and 2022
OneWeb also announced the appointment of Neil Masterson as CEO, formerly Co-Chief Operating Officer at Thomson Reuters. In addition, the company is about to announce the appointment of 2 non-executive board members as representatives of the British Government. According to the company’s statement, the satellite will continue to be launched in 2021 and 2022 and the company is ready to offer commercial connectivity services in the UK and the Arctic region from the end of 2021. Also, the company will expand business for Global Services in 2022.
The company will work on reducing the cost of Broadbank wireless service
Mittal said in a statement on Friday that there is a demand for broadband connectivity all over the world and we want to continue the social mission of OneWeb. The company will work on reducing service costs and opening new use cases of low latency broadband provision. Bharti Global is an overseas subsidiary of Bharti Enterprises.
The company can also start broadband service in India from 2022
OneWeb was engaged in installing a number of satellites in space to provide wireless broadband service throughout the world, but it went bankrupt in this effort. The company is now working on providing high-speed broadband service in India by early 2022 with the help of 648 Low Earth Orbit Satellites. Bharti has sought help from ISRO for this.