Hanwha Systems of South Korea is infusing $300 million (Rs 2,228 crore) for an 8.8 percent stake in OneWeb, the low-earth orbit (LEO) satellite communications company backed by Bharti Group.

The investment brings OneWeb's total equity investment since November 2020 to $ 2.7 billion with no debt issuance.

The investment is expected to be completed in the first half of 2022, subject to regulatory nods.

OneWeb said in a statement: “Hanwha, a Fortune 500 global technology and manufacturing company from South Korea, has announced a $ 300 million investment in Hanwha Systems stock in OneWeb, the Low Earth Orbit satellite communications company. (LEO) backed by Bharti Group. "

On completion, OneWeb will appoint a director to the board of directors to represent Hanwha's stake in the company.

The statement added that OneWeb's first-generation fleet of 648 satellites, which will provide global coverage in 2022, is fully funded.

So far, the company has put 254 satellites into orbit, with another scheduled for launch in August from Baikonur, Kazakhstan.

Commenting on the latest investment, Sunil Mittal, founder and president of Bharti Enterprises, said: "These are exciting and fast-paced times in the space industry."

Mittal added: "With Hanwha hand in hand, we will be able to achieve the highest quality in technology thinking and development. They are a strong partner in our global mission to connect the world."

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