Partnership of Bharti Global Ltd and British Government wins auction buying OneWeb. Indian telecom magnate Sunil Mittal dealt a partnership of Bharti Global Ltd with the coalition of British Government. Which has won an auction to retain OneWeb. A satellite operator that crumbled following the withdrawal of financial support from its largest investor, SoftBank Group Corp.
Also, by the end of the year, Bharti Global and the British Government will invest an equal amount of $500 in OneWeb, as announced on Friday. Bharti will provide OneWeb with “commercial and operational leadership.”
OneWeb will complete the creation of a global satellite network in countries worldwide that will successfully adapt broadband and other connectivity to mobile and fixed networks as per the deal.
Bharti Airtel will be the testing ground for the company’s products , services and applications that will allow OneWeb to build a low-earth orbit satellite to increase broadband service.
Auction Buys OneWeb
In a statement Mittal said that with the active support and participation of the British Government. Moreover, Bharti will lead the effort to deliver the promise of universal broadband connectivity via OneWeb.
To balance the UK’s withdrawal from the European Union. Prime minister Boris Johnson is looking to draw fresh international investors from countries. Which include India , China and the United States. Also, part of the interest of the United Kingdom in supporting OneWeb is to form the basis for a new national navigation network. After the European Union froze Britain from the block’s most stable components. Called Galileo.UK want its withdrawal from the European Union.
Therefore, Bharti Airtel Ltd, India’s second-largest wireless operator, is owned by the Mittal group. Also, the company is the largest shareholder of cell tower operator Bharti Infratel Ltd. Hence, Bharti Airtel ‘s shares of the year have risen by 24 per cent, giving the company a market value of around $41 billion.
