Sunil Mittal bids for UK satellite firm OneWeb

A unit of Bharti Enterprise submitted a bid for the bankrupt OneWeb with the backing of the UK government.

Indian telecommunications tycoon Sunil Mittal made an offer for London based satellite firm OneWeb, according to a report by Bloomberg.

A unit of Bharti Enterprise submitted a bid for the bankrupt OneWeb with the backing of the UK government, the report said.

The UK government plans to inject around $500 million into OneWeb along with other investors. The last date to submit bids is 3 July. Prime Minister Boris Johnson is trying to attract fresh foreign investment from countries including India, China, and the US to help offset the UK's departure from the EU.

OneWeb, which filed for bankruptcy on 27 March, is working on a national satellite navigation system. The company has raised about $3.3 billion in debt and equity financing from shareholders including Japanese conglomerate SoftBank, aircraft manufacturer Airbus and chipmaker Qualcomm. OneWeb said the COVID-19 pandemic had made it extremely difficult to secure funding.