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Airtel acquires minority stake in satellite firm OneWeb

Airtel did not share investment details in OneWeb but said it will be able to leverage the investment by becoming a preferred distributor of these services across its operations in 20 countries in Asia and Africa.

June 25, 2015 / 17:53 IST
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In a bid to provide affordable Internet access to all, Bharti Airtel has acquired a minority stake in OneWeb, which plans to offer communication services using satellites by 2019. OneWeb has received USD 500 million for the project from its investors and plans to launch services by 2019.

OneWeb, founded in 2012, is building a communication network with an initial constellation of 648 low earth orbit satellites.

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Investors in the company include Qualcomm Inc, Virgin Group, Airbus Group and Coca-Cola Company. Airtel did not share investment details in OneWeb but said it will be able to leverage the investment by becoming a preferred distributor of these services across its operations in 20 countries in Asia and Africa.

"Access to affordable high speed Internet is a powerful tool for economic development and empowerment of populations, particularly in emerging economies.