Korea's Hanwha invests $300-M in Bharti-backed satellite comm co OneWeb for 8.8% stake

Hanwha Systems of South Korea is investing USD 300 million (INR 2,228 crore) for an 8.8 % share in OneWeb, the Low Earth Orbit (LEO) satellite communications company backed by the Bharti group. The investment, expected to be completed in the first half of 2022, brings OneWeb's total equity investment since November 2020 to USD 2.7 billion with no debt issuance. On completion, OneWeb will appoint a board director to represent Hanwha's share in the company. OneWeb's first-generation fleet of 648 satellites, which will deliver global coverage in 2022, is fully funded.