Bharti to become largest stakeholder of OneWeb; to invest additional Rs 3,700 cr

Bharti will invest an additional USD 500 million (over Rs 3,700 crore) into OneWeb, to become the largest shareholder in the satellite communications company that billionaire Sunil Mittal-run Bharti Group along with the UK government had rescued from bankruptcy last year.

The investment is a result of exercise of a 'Call Option' by Bharti. On completion of the transaction and with Eutelsat's USD 550 million investment, Bharti will hold 38.6 per cent. The UK government, Eutelsat and SoftBank will each own 19.3 per cent, OneWeb said in a statement.

OneWeb has completed its transformation with the exercise of a Call Option by Bharti to invest an additional USD 500 million into the company, it added.

The transaction is expected to be completed in the second half of 2021, subject to regulatory nod.

Also Read: PNC Infra share gains 7% post Q4 earnings

Also Read: RIL may form petrochemical JV with UAE's ADNOC, likely to invest up to $1.5 bn