OneWeb said on Tuesday that it has secured $ 550 million (about Rs 4,100 crore) in funding from Eutelsat Communications, which will get about 24 percent stake in the broadband satellite communications company.
The Bharti-group-backed OneWeb said the new investment would bring the total fund to $ 1.9 billion in fresh equity.
OneWeb statement said, “This investment from one of the world’s most experienced and largest global operators is a vote of confidence in OneWeb and underscores plans for mainstream long-term development of Low Earth Orbit (LEO) satellites.”
One of the world’s leading satellite operators, Eutelsat, will acquire an approximately 24 per cent equity stake in OneWeb and equal rights to the UK government and Bharti Global, making it an important equity partner and leading investors in the British government, Bharti Global and SoftBank will be attending.
He said the investment is expected to be completed in the second half of 2021, subject to statutory approval.
OneWeb’s 648 LEO satellite fleet will provide high-speed, low-latency global connectivity and its partnership with Eutelsat, a global geostatistical satellite operator, enhancing the commercial potential of both companies – Eutelsat’s established commercial reach for governments and enterprise customers In addition, strong institutional relationships, technical expertise and global fleet.
“OneWeb’s ability to address multiple applications requiring low latency and ubiquity will also allow both companies to explore GEO / LEO configurations for future service integrations and packages,” the statement said in the statement. has gone.
Once OneWeb completes the full deployment of the constellation, the company expects to generate annual revenues of approximately $ 1 billion under the wholesale business plan, driven by its partnership, in three years or shortly thereafter.
Commenting on the development, Bharti Enterprises founder and president Sunil Mittal said, “We are happy to welcome Eutelsat to the OneWeb family. As an open multi-national business, we are committed to meeting the global needs of governments, businesses and communities.” Are committed to serve. In the whole where “.
Mittal said: “Together we are strong, benefiting from Bharti’s entrepreneurial energy, the UK government’s extensive global outreach and expertise in the satellite industry at Eutelsat. OneWeb is ready to take a lead with its innovative and disruptive approach. LEO Status in Broadband Connectivity. “
