Mittal highlighted successful pilot tests of Eutelsat Oneweb and reiterated the company’s readiness to roll out services as soon as approvals are secured.
Bharti Enterprises is the latest to join the club of conglomerates acquiring firms in the UK. Several other major Indian firms, including the Tatas, Reliance, Mahindra and others either own or have major stake in British companies
Bharti Enterprises Chairman Sunil Mittal, a telecom industry stalwart, exuded confidence about the investment and business prospects of BT.
The enterprise value of the properties is Rs 6,000 crore. Bharti has become the second largest unitholder in BIRET, with an ownership stake of 8.53 percent
After the stake purchase, ICICI Bank’s stakeholding in the ICICI Lombard increased to 51.7 per cent from 51.27 per cent.Shares of ICICI Lombard General Insurance Company dropped 4.05 per cent to close at Rs 1,651.05 apiece on the BSE
The Honorary Knighthood, Knight Commander of the Most Excellent Order of the British Empire, is among the highest honours conferred by the British Sovereign to civilians.
The Bharti group chairman said that while Elon Musk's Starlink poses competition, the company's business model targets the consumer segment, whereas OneWeb focuses on B2B use cases.
The grand event was attended by 7,000 VVIPs, including actors, sportspersons, industrialists, and politicians from across the nation.
In an interview with Moneycontrol, Bharti Enterprises chairperson Sunil Mittal expressed hope that citizens would begin to experience the benefits of 5G technology, particularly in areas such as healthcare, in 2024
Jindal Steel and Power has committed to pump $3 billion into Nigeria's steel sector and Indorama Corp plans to invest an additional $8 billion to expand its petrochemical facility in the West African country, spokesperson Ajuri Ngelale said in a statement.
"India is on a growth path, which we saw in China 25 years back. We have strong tailwinds. I personally feel it," Mittal said.
The 3.3 million square feet deal involves Bharti Enterprises’ four assets in Delhi, Gurugram and Punjab, with Brookfield taking a controlling 51 percent stake in these properties
Mittal seeks to fold Airtel Payments Bank into Paytm Payments Bank in a stocks deal and is also seeking to buy Paytm shares from other holders, sources told Bloomberg.
Mittal, whose Bharti Enterprises is one of the biggest investors in OneWeb, said two commercial launches have been confirmed with ISRO "with a cost outlay of Rs 1,000 crore".
In a statement, Bharti Enterprises and Brookfield announced that they have entered into a joint venture for four commercial properties totalling to 3.3 million square feet.
A share purchase agreement has been executed by the bank for divestment of 20,00,00,000 equity shares (8.57 percent stake) held by Kotak Mahindra Bank Ltd in APBL.
"Dixon has entered into memorandum of understanding (MOU) with Bharti Enterprises to form a joint venture (JV),” the company said in a regulatory filing.
The launch puts OneWeb on track to offer global services to customers from late 2021, starting with the United Kingdom, Alaska, Northern Europe, Greenland, Iceland, the Arctic Seas, and Canada, with global service in 2022.
OneWeb filed for Chapter 11 bankruptcy at the end of March after its biggest investor SoftBank Group Corp pulled funding, with an auction for the startup due to start on Thursday.
OneWeb, which had filed for bankruptcy on March 27, is working on a national satellite navigation system.
Pointing to the "extremely challenging times" and "biggest healthcare crisis of modern era in the form of COVID-19 epidemic", the company said that the immediate priority is to collectively support the efforts of the government to mitigate the impact of this crisis.
While Bharti Airtel has infused Rs 180.22 crore into Airtel Payments Bank, Bharti Enterprises has injected Rs 44.77 crore.
Sud will lead the group's financial services businesses and will also be on the board of Airtel Payments Bank.
Bharti Enterprises has appointed Rajesh Sud as Managing Director-Financial Services. He will report to Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises, a company statement said.
The fund infusion from Bharti Airtel stood at Rs 260 crore, and that from Bharti Enterprises at Rs 65 crore in the form of preference shares.