Bharti to invest addl Rs3,700 cr into OneWeb

New Delhi, June 29

Bharti will invest an additional $500 million (over Rs 3,700 crore) into OneWeb, to become the largest shareholder in the satellite communications company that billionaire Sunil Mittal-run Bharti Group along with the UK government had rescued from bankruptcy last year.

The investment is a result of exercise of a ‘Call Option’ by Bharti. On completion of the transaction and with Eutelsat’s $550 million investment, Bharti will hold 38.6%. The UK government, Eutelsat and SoftBank will each own 19.3%, OneWeb said in a statement.

OneWeb has completed its transformation with the exercise of a Call Option by Bharti to invest an additional $500 million into the company, it added.

The transaction is expected to be completed in the second half of 2021, subject to regulatory nod. PTI