Shares of telecom operator Bharti Airtel rose 3 percent in the early session on March 12 after the firm announced a partnership with billionaire Elon Musk-led aerospace company SpaceX to introduce Starlink satellite internet services in India.
In a joint statement released on March 11, the companies highlighted that the agreement is Starlink’s first formal partnership in India. However, its implementation is dependent on SpaceX securing the necessary authorisations to operate Starlink services within the country.
By integrating Starlink into its offerings—along with its existing partnership with Eutelsat OneWeb—Bharti Airtel will strengthen its ability to provide coverage across the country, especially in underserved areas.
According to international brokerage JPMorgan, the Starlink offering is expected to be offered as a premium service. The brokerage retained its ‘highweight’ rating on Airtel shares, with a target price of Rs 1,970 per share. This implies an upside of 66 percent from the previous session’s closing price.
Shares of Bharti Airtel jumped over 3 per cent to Rs 1,716.65. However, by 9.30 am, the shares lost the initial gains and were trading 0.2 percent higher at Rs 1,666.7 on the NSE.
Gopal Vittal, Managing Director and Vice Chairman, Bharti Airtel Ltd, said, “Working with SpaceX to offer Starlink to Airtel customers in India is an important milestone and reflects our commitment to next-generation satellite connectivity.”
SpaceX President and Chief Operating Officer Gwynne Shotwell said, “We are excited to work with Airtel and realize the transformational impact that Starlink can bring to the people of India… The Airtel team has played a key role in India’s telecom story, so working with them to complement our direct offering makes a lot of sense for our business.”
Meanwhile, regulatory approvals remain a major hurdle for Starlink’s launch in India. The Indian space regulator, IN-SPACe, and the Department of Telecommunications (DoT) have not yet authorised SpaceX to operate Starlink.
