Nettle Infrastructure Investments, a wholly-owned arm of Bharti Airtel, has acquired 100 per cent stake in OneWeb India Communications Pvt Ltd, in an all-cash deal for an undisclosed sum.
OneWeb is a low earth orbit (LEO) satellite communications operator, co-owned by Bharti Global and the UK government. The company is looking to enter the Indian market either directly or through a commercial partnership, involving either the JV route or a bandwidth capacity leasing pact. Further, the satellite operator is gearing up to launch fast broadband services in the country by June 2022.
According to Airtel, 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.
