U.S. satellite broadband provider Hughes Network Systems has agreed to invest $50 million in the British government and Bharti-backed consortium buying collapsed satellite operator Oneweb.
Hughes previously partnered with OneWeb, which collapsed in late March with 74 out of a planned 650 satellites launched after top backer SoftBank Group Corp declined to provide further funding.
“This global consortium brings the right players together to fulfil the promise of the OneWeb constellation,” Hughes President Pradman Kaul said in a statement.
OneWeb has proved a money pit for its previous investors, hampered by rising costs and schedule delays, with the consortium needing to rebuild the hollowed-out firm.
The company’s commercial prospects is “reflected in the ongoing discussions with some of the world’s leading strategic and financial investors,” said Indian telecoms tycoon Sunil Bharti Mittal, who founded Bharti Enterprises.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.
Smarter Decisions with Smart News
Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.