This comes as OneWeb India, which currently is wholly-owned by Bharti Airtel’s Nettle Infrastructure Investments, is gearing up to run gateways and enter the bandwidth
OneWeb Group’s UK subsidiary Network Access Associates (NAA) is looking to acquire a 74 per cent stake in OneWeb India Communications, according to The Economic Times.
This comes as OneWeb India, which currently is wholly-owned by Bharti Airtel’s Nettle Infrastructure Investments, is gearing up to run gateways and enter the bandwidth leasing business before launching fast satellite broadband services in India next year.
Citing a source, the report said, “Now, Network Access Associates, a wholly-owned arm of Bharti Global-backed OneWeb UK, will acquire a significant majority portion of Nettle Infra’s stake in OneWeb India and seek the requisite statutory approvals.”
NAA’s shareholders include Bharti Global, the UK government, SoftBank and Hughes Network System. They are also OneWeb’s UK unit’s stakeholders.
In April 2021, Nettle Infrastructure Investments procured a complete stake in OneWeb India Communications Pvt Ltd for an undisclosed amount.
Queries sent by the publication to the company did not elicit any response.
OneWeb is preparing to launch its fast broadband services in India by June 2022. NAA was in the process of seeking foreign direct investment (FDI) approval for investment in OneWeb India Communications Private Ltd in April 2021.