Jul 29, 2020 | AS Team
Bharti Enterprises has announced that Hughes Network Systems, LLC (Hughes) has consented to put $50 million in the winning consortium, headed by the UK government and Bharti Enterprises, which will take over the British firm, OneWeb, as reported by the Economic Times.
Hughes is the worldwide pioneer in broadband satellite networks as well as services. Alongside this, Hughes will proceed as a reliable technology and distribution accomplice to OneWeb, the Low Earth Orbit (LEO) satellite administrator which had propelled 74 satellites before petitioning for Chapter 11 protection in the month of March.
Bharti Enterprises has recently received an offer to gain a 45 percent stake in OneWeb with a venture of $500 million. OneWeb facilitates high speed as well as low latency broadband services, particularly in rural locations.
The Chairman and founder of Bharti Enterprises, Sunil Bharti Mittal has stated that the infusion by Hughes highlights OneWeb's energizing business possibilities, reflected in the continuous interactions with several of the world's dominant and vital investors.
The application of the consortium is dependent upon the execution and adequacy of conclusive agreements while the confirmation of One Web’s revamping relies on specific conditions built up by the Bankruptcy Court.
Via its Europe division, which is headquartered outside of London, as well as sister organization EchoStar Mobile Ltd, Hughes has worked intimately with the UK government. Moreover, Hughes Communications India Ltd, (HCIL), a subsidiary of Hughes, and Bharti Airtel Ltd (Airtel) are joining their satellite broadband tasks in India.
The merger holds the promise of bringing more noteworthy scale, operational efficiencies, and market reach to convey answers for big business and government networks.