11-July-2020
Corporate News
 
Sunil Mittal teams up with Boris Johnson to bid for a bankrupt satellite firm backed by SoftBank
30-Jun-2020

Indian telecommunications tycoon Sunil Mittal has submitted a bid for OneWeb, the bankrupt satellite firm whose investors include SoftBank Group Corp., people with knowledge of the matter said. An arm of Mittal’s Bharti Enterprises Ltd. conglomerate made an offer for London-based OneWeb with backing from the U.K. government, according to the people, who asked not to be identified because the information is private. The U.K. government plans to commit around $500 million to OneWeb alongside other investors as part of the company’s Chapter 11 bankruptcy proceedings, a person with knowledge of the matter said last week. OneWeb has said that bids were due Friday. Part of the U.K.’s interest in supporting OneWeb is to form the basis for a new national navigation system, after the European Union froze Britain out of the most secure elements of the bloc’s project, called Galileo. Prime Minister Boris Johnson is trying to attract fresh foreign investment from countries including India, China and the U.S. to help offset the U.K.’s departure from the EU.

News Source:- https://www.financialexpress.com/industry/bharti-airtel-sunil-mittal-boris-johnson-team-up-to-bid-for-softbank-backed-oneweb/2008372/