The UK has entered the increasingly competitive race to become a global satellite Internet provider after taking control of failed space startup OneWeb with Indian billionaire Sunil Bharti Mittal.

The low-Earth-orbit-satellite operator emerged from Chapter 11 bankruptcy protection on Friday and will now seek a further $1.25 billion through debt or equity to achieve its ambitious medium-term goal of launching a global commercial Internet service by 2022 focusing on remote areas.

It will face well-funded rivals, including ventures led by SpaceX’s Elon Musk and Amazon’s Jeff Bezos.