OneWeb is preparing to launch its fast broadband services in India by June 2022
Airtel subsidiary Nettle Infrastructure Investments has procured a complete stake in OneWeb India Communications Pvt Ltd for an undisclosed amount. It was an all-cash transaction.
“Nettle Infrastructure Investments has acquired 10,000 shares in OneWeb India Communications for a cash consideration, amounting to 100% control,” Bharti Airtel said in a regulatory filing.
OneWeb is a UK-based, low earth orbit (LEO) satellite communications operator. Co-owned by Bharti Global and the UK government, it is looking at becoming a major provider of satellite internet services for a number of countries in the coming years. As part of this plan, OneWeb recently launched 36 satellites by Arianespace from the Vostochny cosmodrome in Russia.
According to reports, the company is open to entering the country either directly or through a commercial partnership.
Bharti Airtel also added, “UK-based Network Access Associates Ltd, a OneWeb group company, is in the process of seeking foreign direct investment (FDI) approval for investment in OneWeb India Communications Private Ltd.”
Notably, OneWeb is preparing to launch its fast broadband services in India by June 2022.