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Bharti, UK Government Said to Win Auction for Internet Satellite Operator OneWeb

OneWeb filed for Chapter 11 bankruptcy at the end of March after its biggest investor SoftBank Group pulled funding, with an auction held on Thursday.

By Reuters | Updated: 3 July 2020 16:43 IST
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Bharti, UK Government Said to Win Auction for Internet Satellite Operator OneWeb

Photo Credit: YouTube/ OneWeb

OneWeb filed for Chapter 11 bankruptcy at the end of March

Highlights
  • PM Boris Johnson's government has pledged GBP 500 million in equity
  • The groups are talking to other investors about entering the consortium
  • The UK is expected to hold around a 20 percent stake

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 GBP 500 million (roughly Rs. 4,650 crores) in equity and the two groups are talking to other investors about entering the consortium. The UK is expected to hold around a 20 percent stake.

OneWeb filed for Chapter 11 bankruptcy at the end of March after OneWeb's biggest investor SoftBank Group 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.

© Thomson Reuters 2020

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Further reading: oneWeb, Bharti, Bharti Airtel
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Bharti, UK Government Said to Win Auction for Internet Satellite Operator OneWeb
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