Indian telecommunications tycoon Sunil Mittal has been submitted a bid for OneWeb, the bankrupt satellite firm whose investors include SoftBank Group Corp. people with the knowledge of the matter said.
An arm of Mittal’s Bharti Enterprises Ltd. conglomerate made an offer for the London-based OneWeb with backing from the U.K. government, as according to the people, who asked not to be identified because of the information is private.
Sunil Mittal – The U.K. govt plans to commit around of $500 million to the OneWeb alongwith other investors as part of the company’s that is Chapter 11 bankruptcy proceedings, as a person with the knowledge of the matter told last week. OneWeb has said that bids were due Friday as well.
Part of the U.K.’s interest in the supporting OneWeb is to form the basis for a new national navigation system after the European Union froze Britain out of the most secure elements of the bloc’s project, called Galileo. Prime Minister Boris Johnson is ideally trying to attract fresh foreign investment from countries including India, China, and also the U.S. to help offset the U.K.’s departure from the EU as well.
OneWeb that makes so-called low-Earth orbit satellites that provide high-speed communications also. It faces competition from Elon Musk’s SpaceX Starlink project and also Jeff Bezos’s Amazon-linked Project Kuiper, as well as from the incumbents as like Inmarsat, Intelsat SA, and Eutelsat Communications SA very well.
A representative for the U.K.’s Department for Business, Energy & also Industrial Strategy declined to comment on any bid. Sunil Mittal We have made very clear our ambitions for space and are developing a new National Space Strategy to bring long-term strategic and commercial benefits to the U.K.,” as the government spokesperson said in an emailed this statement. “We are in the regular discussions with the space industry as part of this work.”
Bharti Enterprises participated in a 2015 funding round for the OneWeb alongside other investors that including Qualcomm Inc., Richard Branson’s Virgin Group, and Airbus Group NV. OneWeb that formed an alliance in 2018 with partners including Delta Air Lines Inc., Bharti Airtel, and Sprint Corp. to allow the wireless carriers to extend their service into airplane cabins.