Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

India's Bharti And UK Win Auction For Satellite Operator Oneweb

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.

Photo Credit :

1581492922_rK3TD2_2020_02_12T071645Z_2_LYNXMPEG1B0KS_RTROPTP_4_SOFTBANK_GROUP_STOCKS.JPG

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.

(Reuters)


Tags assigned to this article:
Indian conglomerate british government SoftBank Group