The agreement, announced in May 2019, has received all statutory approvals, including those from the National Company Law Tribunal (NCLT) and Department of Telecom (Government of India) and the joint venture has been formed.
Bharti Airtel announced a joint venture with Hughes Communications India to provide satellite broadband services in India.The combined India Very Small Aperture Terminal (VSAT) operations of both companies will offer wide range of satellite and hybrid network solutions to business and government customers.
Ajay Chitkara, director and chief executive officer, Airtel Business, said: "With the combined capabilities of Airtel and Hughes, customers will get access to next generation satellite connectivity backed by proven enterprise grade security and service support."
HCIPL is a majority owned subsidiary of Hughes Network Systems, LLC (HUGHES), the leading global provider of broadband satellite networks and services.
Now serving Airtel VSAT customers, HCIPL has a combined base of over 200,000 VSATs. HCIPL provides broadband networking technologies, solutions and services, including a full range of managed network services, for government offices and enterprises across segments like banking, aeronautical and maritime mobility, small to medium sized businesses, education, and telecom backhaul, among others.
Bharti Airtel is a global communications solutions provider with over 480 Mn customers in 17 countries across South Asia and Africa. Airtel is India's largest integrated communications solutions provider and the second largest mobile operator in Africa.
On a consolidated basis, Bharti Airtel posted a net profit of Rs 1,134 crore in Q2 FY22 as against a net loss of Rs 763.2 crore in Q2 FY21. It posted quarterly revenues of Rs 28,326 crore, rising 13% YoY on a reported basis.
Shares of Bharti Airtel were up 0.38% at Rs 699.85.
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