July 6, 2020: The satellite consultation operator OneWeb has filled the bankruptcy in the later March and had to lay off employees due to insufficient funds in-hand. The company completed the sale last week with The UK government as the winner. The deal included the investment from Indian company Bharathi Global- a part of Sunil Mittal’s Bharathi Enterprise. The Bharathi company plans to build an internet satellite network, while the UK government would focus on PNT services.

The deal involved $500 million from the Indian company and $500 million from the UK government. The UK government will take 20% of the share while Bharathi company would provide the management and commercial operations for the satellite.

Softbank was the prominent investor in OneWeb that tried to raise funds later this year to continue the satellite launch. However, Softbank backed out from the request of raising the fund. OneWeb that has launched 74 satellites from the planned 650 satellite filed bankruptcy.

OneWeb is the London based company launching low latency, high-speed broadband via low earth orbit small satellites. The process is inexpensive and, the UK would provide better internet broadband to the citizens with low earth orbit small satellites.

The UK currently lacks its launch pad and, the government is continuously working on the same. This development will help companies like Virgin, Skyrora, and many more to launch their satellites from the UK. The government is looking for both horizontal and vertical launch shortly and, this will help OneWeb to perform more conveniently.