Bharti Airtel’s wholly owned subsidiary Nettle Infrastructure Investments Limited has acquired a stake in OneWeb India Communications Private Limited. OneWeb was incorporated on February 04, 2020 to provide satellite services and has applied for the necessary regulatory approvals to commence operations. The acquisition doesn’t fall within the purview of related party transactions and has been accomplished.
The company belonging to satellites – establishment and operations industry offers business opportunities for Nettle Infrastructure in establishment and operation of satellite business and related activities. Nettle Infrastructure has acquired 10,000 shares of 100% shareholding in the company for cash consideration.
“The consideration is not material and not disclosed herein due to reasons of confidentiality,” said Nettle Infrastructure in a regulatory filing.
Network Acess Associates Limited, a OneWeb group company is however in the processor seeking FDI approval for investment in OneWeb India Communications Private Limited.
“OneWeb was incorporated on February 04, 2020 to carry on business activities and network services associated with the communications industry. This includes the provision of satellite Internet broadband services and capacity to local service providers, vendors and consumers; holding spectrum, gateway and other licenses and permits; and owning, importing/exporting property/equipment as needed relating to the operations of the business,” said Nettle Infrastructure in a regulatory filing.