- Bharti shares closed at Rs 581 on Friday.
- Market capitalization exceeded Rs 3.17 lakh crore
Jul 03, 2020, 09:24 PM IST
Mumbai. The UK government-backed consortium led by Bharti Enterprises has won the bid for the bankrupt global satellite operator SoftBank-backed One Web. Bharti had recently filed for bankruptcy protection. UK government business secretary Alok Sharma has confirmed that the government will invest $ 500 million and take significant equity shares in OneWeb with $ 500 million from Bharti Global.
Bharti Commercial will give leadership
He said that Bharti would provide commercial and operational leadership to the company. One Web will provide a revenue base to contribute to its future success. The deal will enable One Web to complete the creation of a pattern of a global satellite. It will provide broadband and other services to mobile and fixed terminals in countries around the world.
One Web was founded in 2014
OneWeb was founded in 2014 by entrepreneur Greg Vaylor. It makes Low Earth Orbit Satellite and provides high speed broadband telecom service. Bharti Enterprises Chairman Sunil Mittal said in a statement that I am happy that through Bharti One Web we will lead the effort to fulfill the promise of universal broadband connectivity. It will have the active support and participation of the British Government.
Bharti was one of the founding members of One Web
The Bharti Enterprises firm had made bids for the bankrupt One Web. Bharti was one of the founding members of OneWeb. He had a strategic stake in the company. Bharti Enterprises is the holding company of India's second largest telco Bharti Airtel. Its stock closed at Rs 581.10 on BSE on Friday. Its market capitalization was more than Rs 3.17 lakh crore.
Herbert Smith Freehills LLP acted as legal counsel and Standard Chartered Bank acted as financial advisor to Bharti Global Limited.