Nelco has invested $20 million in US-based Lunar Holdco through compulsorily convertible debentures.
The Tata Group company plans to offer direct-to-device satellite connectivity to enterprises in India and South Asia.
Trials could begin by late 2027, with commercial services targeted for early 2028, subject to regulations.
Tata Group-backed satellite communication provider Nelco has invested $20 million (around ₹191.2 crore) in US-based Lunar Holdco Inc, taking a minority strategic stake in the company, the company said in a regulatory filing.
Lunar Holdco operates under the Elveo Mobile brand and develops direct-to-device (D2D) satellite connectivity solutions. Under the agreement, Nelco will subscribe to compulsorily convertible debentures (CCDs) carrying a 7% annual compounded return, which can be converted into equity shares based on specified events.
1 August 2026
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Nelco Eyes D2D Satellite Services
Nelco Managing Director and CEO P J Nath said the company aims to be an early mover in the D2D satellite services market in India and South Asia.
“D2D is the next growth wave for the Satcom market globally and Nelco is embarking on it,” Nath said. He added that Nelco would focus on the business-to-business segment, connecting satellite services with mobile phones and IoT devices, while partnering with telecom companies for consumer services.
Nelco plans to offer Elveo’s connectivity and computing solutions to enterprise sectors including automotive, telecom, infrastructure, maritime, energy and government.
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India Launch Targeted For 2028
The company plans to begin offering D2D services in markets including India, Bangladesh and Sri Lanka by early 2028, while trials could start by the end of 2027. The rollout will depend on regulatory approvals for D2D connectivity.
Elveo CEO Ramu Potarazu said the partnership would expand the company’s communications solutions into new enterprise markets and allow it to serve the Indian market through Nelco while also exploring opportunities with other Tata Group companies globally.
The technology is designed to provide connectivity directly from satellites to devices and help address coverage gaps. Potential applications include vehicle tracking, infrastructure monitoring, remote operations, disaster response and business continuity.
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Lunar Holdco was formed in January 2026 following the merger of Lynk Global and Omnispace. The company is developing a global S-band non-geostationary satellite orbit network. Nelco’s investment does not give it control over Lunar Holdco.
