Private Equity

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Bharti Space to invest Rs.313-Cr in French co. Eutelsat’s satellite expansion

Mint   Eutelsat  

Bharti Enterprises’ space venture, Bharti Space Ltd is to invest EUR 31.4 million (INR 313 crore or USD 36 million) in French satellite operator Eutelsat as part of its EUR 1.35 Billion (around INR11,250 crore) capital raising plan.The company is raising the capital through a mix of a reserve capital increase worth EUR 716 million (INR 6,865 crore) and a rights issue of EUR 634 million (INR 6,330 crore).Bharti Space, along with other key investors including the French government, shipping major CMA CGM, and sovereign investor Fonds Stratégique de Participations (FSP) will participate in both parts of the fundraise.The company aims to use the fresh funds to pare debt and expand investments in satellite constellations. In the merged entity of Eutelsat OneWeb, Bharti owns a 21% stake.Founded in 1977, Eutelsat provides a range of services, including broadcasting, broadband internet, and government solutions.