Bharti Airtel’s Sunil Mittal bids for satellite firm OneWeb
Hindustan Times June 30, 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 UK government, according to the people, who asked not to be identified because the information is private. The UK 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 UK’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 invest...