Asia Press Agency

Tag: Sunil Bharti Mittal

  • Eutelsat Communications and OneWeb Complete Merger

    Eutelsat Communications and OneWeb Complete Merger

    Eutelsat Communications SA and OneWeb have announced the successful completion of their all-share merger, forming the newly named Eutelsat Group. This merger represents a significant step in the field of space communications and satellite technology. OneWeb will now operate commercially as Eutelsat OneWeb, serving as a subsidiary within the newly merged group.

     

    Headquartered in Paris, Eutelsat Group has Bharti Enterprises as its largest shareholder, holding a substantial 21.2% share in the company. Sunil Bharti Mittal has been appointed as the co-chair, and Shravin Bharti Mittal will serve as a director on the board of Eutelsat Group. Meanwhile, Akhil Gupta will continue as a director on the board of OneWeb, which is now a wholly-owned subsidiary of Eutelsat. OneWeb’s center of operations remains in London.

     

    Sunil Bharti Mittal, co-chair of Eutelsat Group, expressed his enthusiasm about the merger, highlighting the transformative potential it holds for communities and businesses worldwide. He emphasized the unique combination of GEO (geospatial earth orbit) and LEO (lower earth orbit) satellite technologies, stating, “This exciting combination will be transformative for communities and businesses worldwide, utilizing the unique blend of GEO and LEO technologies. This is a major milestone for us, our partners, and the customers we serve.”

     

    Mittal also announced plans for Eutelsat Group to provide services in India later in the year, with a focus on extending broadband connectivity to underserved regions. However, this launch is contingent on the Indian government’s decision regarding spectrum allocation for satellite-based communications. The government is currently considering whether to allocate airwaves through auctions or administrative allocation.

     

    The newly formed Eutelsat Group is strategically positioned in the space communications market due to its unique combination of two types of satellites. Eutelsat’s GEO satellite fleet will merge network density and high throughput capabilities with the low latency and ubiquity of OneWeb’s LEO constellation. This integration enables Eutelsat Group to offer customers fully integrated global connectivity services.

     

    The merged entity is expected to achieve significant growth, with a double-digit revenue Compound Annual Growth Rate (CAGR) over the medium- to long-term, reaching €2 billion in revenue by 2027. Additionally, adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the combined entity is projected to grow at a double-digit CAGR over the same period, surpassing revenue growth.

     

    Dominique D’Hinnin, Chairman of the Board of Directors, expressed confidence in the rapid growth of the combined business. He noted, “We will be moving fast to accelerate the growth of the combined business. With the support of strategic shareholders of both entities, we are confident of maximizing financial performance and operational excellence while capitalizing on the high-return investment of next-generation satellites.”

     

    OneWeb’s network is already operational and is expected to be fully global by the end of 2023. The combination of GEO and LEO services is set to open up new markets and applications for customers, including fixed connectivity (backhaul, corporate networks), government services, mobile connectivity (maritime and in-flight), and innovative IP native video services at the convergence of broadband and broadcast. Eutelsat Group remains committed to its broadcast and video services while ushering in these advancements in satellite technology.

  • Sunil Bharti Mittal Applauds African Union’s Inclusion in G20

    Sunil Bharti Mittal Applauds African Union’s Inclusion in G20

    Sunil Bharti Mittal, the Founder and Chairman of Bharti Enterprises and Chair of B20 India Action Council on African Economic Integration, has expressed his admiration for the African Union’s permanent membership in the G20. Mittal lauded this development as a momentous milestone that paves the way for more inclusive compositions within international organizations.

     

    In a statement released on Saturday, Mittal conveyed his hearty congratulations to Prime Minister Shri Narendra Modi for his successful leadership in securing the African Union’s permanent membership in the G20. He expressed confidence that this day would be remembered as a defining moment in the pursuit of greater inclusivity across international organizations and their bodies.

     

    Sunil Mittal, who has actively engaged with the government on this matter through his role as Chair of the B20 Action Council on African Economic Integration, highlighted the government’s unwavering commitment to this inclusion. He expressed his delight at the G20’s consensus on this necessary first step toward a more participative African Union in the global order.

     

    The Group of 20 (G20), consisting of 19 countries and the European Union, formally welcomed the African Union into its ranks during the inaugural session of the Leaders Summit held in New Delhi on September 9-10.

     

    The inclusion of the African Union as a permanent member in the G20 is seen as a significant move towards fostering greater collaboration and representation on the global stage. It reflects a commitment to addressing international challenges with a more diverse and inclusive approach.

     

    Mittal’s acknowledgment of this historic development emphasizes the importance of embracing diverse perspectives and voices in global decision-making. The African Union’s enhanced role within the G20 is expected to contribute to more comprehensive and effective solutions to global issues.

     

    As the world faces numerous challenges, including economic recovery, climate change, and public health crises, the unity and collective efforts of organizations like the G20 are crucial. The African Union’s permanent membership strengthens the G20’s ability to address these challenges from a broader and more inclusive standpoint.

     

    Sunil Bharti Mittal’s commendation underscores the significance of global cooperation and diplomacy in creating a more equitable and sustainable world. The African Union’s participation in the G20 marks a positive step towards a more inclusive and collaborative international community.