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\"The department is considering to take security clearances, and will ask the Department for Promotion of Industry<\/a> and Internal Trade (Dpiit) to further examine the stakeholding pattern in OneWeb as it merges with Eutelsat that has a stake from hostile country,\" a senior official told ETTelecom.
Early this month, the French satellite operator Eutelsat entered into a final all-share deal with the UK-based OneWeb valued at $3.4 billion.
\"We are not leaving any loophole unplugged even as they (Chinese fund) have a minuscule share in the combined entity,\" the official added.
Beijing-based sovereign fund China Investment Corporation<\/a> (CIC) has a 7% stake in Eutelsat which is the second-biggest shareholder in OneWeb after Bharti presently.
Following the border skirmishes with Chinese People's Liberation Army (PLA) in Galwan valley, India's relations with the bordering country turned sour prompting it to bring about restrictive policies.
In July 2020, the Centre had amended the General Financial Rules 2017 for companies from countries sharing border with India, requiring them to undergo a screening process for registration, making security and political clearances mandatory from the Ministry of Home Affairs (MHA) and the Ministry of External Affairs (MEA).
It has also brought in an online platform under the National Security Council Secretariat (NSCS) necessitating prior approvals for deploying telecom equipment in the country, debarring Chinese Huawei and ZTE.
Last year, OneWeb, a Bharti Global's space venture, received a global mobile personal communication by satellite<\/a> (Gmpcs<\/a>) licence from the telecom department but, however, is yet to receive a nod to set up a ground station in India.
Sunil Mittal-backed Bharti Global is OneWeb's leading shareholder, and the new arrangement with rival Eutelsat would bring the UK, France, Japan and China together.