OneWeb UK unit to buy upto 74% in OneWeb India: Source

Kolkata: UK-based Network Access Associates (NAA), a OneWeb Group company, is set to acquire up to 74% stake in OneWeb India Communications as the latter gears up to run gateways and enter the bandwidth leasing business before launching fast satellite broadband services in India next year.

At present, OneWeb India is fully owned by Nettle Infrastructure Investments, a Bharti Airtel unit.

“Now, Network Access Associates, a wholly owned arm of Bharti Global-backed OneWeb UK, will acquire a significant majority portion of Nettle Infra’s stake in OneWeb India and seek the requisite statutory approvals,” a person aware of the matter told ET on condition of anonymity.