Sunil Mittal-led Bharti Enterprises Ltd has made a bid to invest in London-based satellite startup OneWeb with backing from the UK government. In another development, IDBI Bank has approved the sale of its 27 per cent stake in IDBI Federal Life Insurance.
Bharti Enterprises bids for OneWeb
Indian tycoon Sunil Mittal-led telecom company Bharti Enterprises Ltd has made a bid to invest in London-based satellite startup OneWeb with backing from the UK government, Bloomberg reported on Tuesday.
The UK government plans to commit around $500 million alongside other investors to OneWeb as part of the company’s Chapter 11 bankruptcy proceedings. Some Chinese and Canadian investors reportedly, too, have shown interest in the offer. The company collapsed in March after talks with its biggest shareholder SoftBank for a $2-billion financing round fell apart.
Bharti invested in OneWeb in 2015, along with Sir Richard Branson’s Virgin Group, Qualcomm and Airbus. OneWeb raised $1.25 billion in March last year led by SoftBank Group Corp., Grupo Salinas, Qualcomm Technologies Inc. and the Government of Rwanda, bringing its total investment to $3.4 billion.
IDBI Bank okays sale of 27% stake in insurance JV
IDBI Bank has approved the sale of its 27 per cent stake in IDBI Federal Life Insurance to the two joint venture partners, Belgian insurance company Ageas Insurance and Federal Bank, for Rs 595 crore.
At present, IDBI Bank holds a 48 per cent stake in IDBI Federal Life Insurance while Kerala-based Federal Bank and Ageas own 26 per cent each.
As part of the agreement, Ageas will acquire a 23 per cent stake in the insurance joint venture, while Federal Bank will buy 4 per cent. After the stake sale, Ageas’ stake in IDBI Federal Life Insurance will increase to 49 per cent, Federal Bank will own 30 per cent stake, while the remaining 21 per cent will be held by the IDBI Bank.