Latest News | Hanwha Systems Invests Rs 2,228 Cr in Bharti-backed OneWeb for 8.8% Share

New Delhi, Aug 12 (PTI) Hanwha Systems of South Korea is infusing USD 300 million (Rs 2,228 crore) for an 8.8 per cent share in OneWeb, the Low Earth Orbit (LEO) satellite communications company backed by Bharti group.

The investment brings OneWeb's total equity investment since November 2020 to USD 2.7 billion with no debt issuance.

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The investment is expected to be completed in the first half of 2022, subject to regulatory nods.

"Hanwha, the South Korean Fortune 500, global technology and manufacturing company has announced a USD 300 million equity investment by Hanwha Systems in OneWeb, the Low Earth Orbit (LEO) satellite communications company backed by Bharti group," OneWeb said in a statement.

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On completion, OneWeb will appoint a Board Director to represent Hanwha's share in the company.

OneWeb's first-generation fleet of 648 satellites which will deliver global coverage in 2022, is fully funded, the statement added.

So far, the company has launched 254 satellites into orbit, with another launch planned this August from Baikonur, Kazakhstan.

Commenting on the latest investment, Sunil Mittal, Founder and Chairman of Bharti Enterprises, said, “These are exciting and fast paced times in the space sector".

Mittal added: "With Hanwha alongside, we will be able to access the highest quality of technological thinking and development. They are a powerful partner in our global mission to connect the world.”

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)