Bharti Airtel parent Bharti Enterprises was named as one of the companies in a UK goverment-backed consortium lining up a bid to acquire struggling satellite communications service provider OneWeb, Financial Times (FT) reported.
In a related article, Bloomberg stated the Indian conglomerate’s involvement formed part of a UK government move to develop fresh satellite navigation capabilities after being locked out of key elements of Europe’s Galileo set-up following its withdrawal from the European Union.
Bharti Enterprises’ involvement would also advance UK goals of boosting non-domestic investment in the wake of its exit, Bloomberg explained.
FT reported last week the UK government was preparing to back a move by an unnamed consortium to the tune of £500 million. But, Bloomberg noted no decisions have been made, with other satellite players including Telesat reportedly also submitting bids.
OneWeb filed for bankruptcy protection in the US in March after market turbulance and the Covid-19 (coronavirus) pandemic impacted its ability to secure financing.Subscribe to our daily newsletter Back