LONDON: Indian conglomerate Bharti and the British government have won an auction for collapsed satellite broadband operator OneWeb, a person familiar with the situation told Reuters.
Prime Minister Boris Johnson's government has pledged 500 million pounds in equity and the two groups are talking to other investors about entering the consortium. The UK is expected to hold around a 20per cent stake.OneWeb filed for Chapter 11 bankruptcy at the end of March after its biggest investor SoftBank Group Corp pulled funding, with an auction held on Thursday.
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