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Indian Telecom Tycoon Bids for SoftBank-Backed OneWeb

  • Billionaire Mittal makes offer with U.K. government backing
  • Satellite firm sale also draws initial interest from Telesat
Sunil Mittal
Sunil MittalPhotographer: Patrick T. Fallon/Bloomberg
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Indian telecommunications tycoon Sunil Mittal has submitted a bid for OneWeb, the bankrupt satellite firm whose investors include SoftBank Group Corp., people with knowledge of the matter said.

An arm of Mittal’s Bharti Enterprises Ltd. conglomerate made an offer for London-based OneWeb with backing from the U.K. government, according to the people, who asked not to be identified because the information is private. The OneWeb sale has also attracted initial interest from Canada’s Telesat, the people said.