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Bharti Group-backed OneWeb raises a whooping sum of $550 million from France-based Eutelsat

Bharti Group-backed OneWeb raises a whooping sum of $550 million from France-based Eutelsat

Bharti Group-backed OneWeb has stated that it is raising $550 million (Rs 4,103 Crore) by selling its 24 percent stake to Eutelsat Communications, a French geo-Stationary satellite operator. This will bring OneWeb's funding to $1.9 billion and taking it closer to launching a first-generation fleet of 648 satellites by the end of 2022. The company's executive has stated that Bharti Global and the UK government will hold a 24 percent stake in OneWeb. SoftBank, Hughes Network Systems, and other minority investors will collectively own a total stake share of 28 percent.

This investment is said to be completed in the second half of 2021, subject to regulatory approvals. Together, both the companies will be benefitting from the entrepreneurial energy of Bharti and the extensive global outreach of the UK government, and the expertise in the telecom and satellite industry of Eutelsat.

The companies will be aiming to provide high-speed internet and 5G network coverage to its users. Besides, OneWeb is preparing to deliver high-speed, low-latency satellite broadband services in rural and remote regions globally, including India. OneWeb has stated that it will roll out its satellite internet services in India by June 2022.


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