(Ecofin Agency) - Indian telecom group Bharti Airtel and the UK government are each investing $500 million to salvage US satellite operator OneWeb, which filed for bankruptcy last March after several financial troubles.
According to a British government spokesperson, this investment “signals the government's ambition for the UK to be a pioneer in the research, development, manufacturing, and exploitation of novel satellite technologies through the ownership of a fleet of Low Earth orbit satellites.”
Let’s however note that the buyout operation is still under consideration by the US regulatory and legal authorities and the conclusion is expected by the end of the year if the approval is given.
The resources provided by the UK and the Indian operator will enable OneWeb to pursue its ambition to launch a satellite constellation into low earth orbit with the view of beaming high-speed internet connectivity all over the world. So far, the US company has only launched 74 satellites over a total of 648 planned.