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.
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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.
"D2D is the next growth wave for the Satcom market globally and Nelco is embarking on it. Elveo's advanced network design opens up seamless coverage and new market opportunities for us in India, as well as South Asian countries and worldwide for some of the enterprise segments," Nelco Managing Director and CEO P J Nath said.
The partnership will allow Nelco to provide connectivity and compute solutions directly from Elveo's satellites to various sectors, including automotive, maritime, energy and government. The technology is expected to close coverage gaps for enterprise-grade solutions such as automotive telematics, fleet tracking, infrastructure monitoring and disaster response.
Lunar Holdco was formed in January 2026, following the merger of Lynk Global and Omnispace. It is currently a pre-revenue company focused on developing a global S-band Non-Geostationary Satellite Orbit (NGSO) network.
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"This collaboration also expands our reliable, adaptable and intelligent communications solution into new enterprise markets including automotive, telecom, infrastructure and other mission-critical sectors. We look forward to not only serving the Indian market through Nelco but also partnering with the broader Tata Group companies across the globe," Ramu Potarazu, CEO of Elveo, said.
The investment does not confer control over Lunar Holdco to Nelco.
