Indian firm, Bharti Global has invested $500m (£361m) to UK-based space start-up, OneWeb.
Bharti Global’s Managing Director, Shravin Mittal revealed this in a statement, adding that, “In just a year and during a global pandemic, together we have transformed OneWeb, bringing the operation back to full-scale. With this round of financing, we complete the funding requirements”.
This deal implies that Bharti will now take a 39% stake, making it the biggest shareholder in the satellite provider.
The UK government is also a major shareholder after it, as Bharti put in $1bn to buy OneWeb out of bankruptcy last year.
This deal will help OneWeb launch more commercial satellites into space later in 2021 as the deal is expected to be completed in the second half of the year.
UK Business Secretary, Kwasi Kwarteng said the deal is a vote of confidence in the company.
“It’s clear that investors see a strong future for this incredible, cutting-edge company and a robust commercial case for investment,” Kwarteng said.