Tata Group’s satcom arm invests $20 million in US-based Elveo to expand connectivity
New Delhi: Nelco, a Tata Group satellite communication service provider, on Monday announced a partnership and an investment of USD 20 million (approximately Rs 191.2 crore) in US-based Lunar Holdco, Inc., which operates as Elveo Mobile.
The investment is aimed at bringing next-generation Direct-to-Device (D2D) and Internet of Things (IoT) satellite connectivity to India and South Asian markets, the company said in a regulatory filing.
Under the agreement, Nelco will subscribe to Compulsorily Convertible Debentures (CCDs) of the Delaware-headquartered Lunar Holdco. The CCDs carry a 7 per cent annual compounded return, convertible into equity shares of the US firm based on specified conversion events.
