Nelco completes $20 million CCD investment in Lunar Holdco for satellite D2D
Nelco Limited finalized a $20 million investment in Lunar Holdco via Compulsorily Convertible Debentures on August 17, 2026. The deal, approved by shareholders in June, targets expansion in satellite D2D and IoT markets in India. Lunar, backed by SES, remains pre-revenue until its NGSO constellation deployment.
*this image is generated using AI for illustrative purposes only.
Nelco has completed its $20 million investment in Lunar Holdco, Inc., which operates under the brand Elveo Mobile, to advance its presence in satellite direct-to-device (D2D) and Internet of Things (IoT) services. The transaction was executed on August 17, 2026, pursuant to approvals from the Board of Directors and shareholders obtained on June 13, 2026.
Investment details
The following table summarises the key parameters of the transaction:
| Parameter: | Details |
|---|---|
| Investor: | Nelco |
| Investment amount: | $20 million |
| Instrument: | Compulsorily Convertible Debentures (CCDs) |
| Return on CCDs: | 7% annual compounded return |
| Target entity: | Lunar Holdco, Inc. (Elveo Mobile) |
| Service focus: | Satellite D2D and IoT services |
| Regulatory route: | Automatic route under FDI norms |
The investment is structured as a subscription to Compulsorily Convertible Debentures (CCDs) carrying a 7% annual compounded return. These instruments will convert into equity shares of Lunar in accordance with the terms specified in the CCD documentation. The percentage of shareholding acquired upon conversion is not presently determinable and will depend on specific conversion events. The investment does not confer control over Lunar.
Strategic context
Lunar Holdco, incorporated in Delaware, USA, on January 27, 2026, is a pre-revenue company formed from the merger of legacy entities Lynk Global and Omnispace. It is focused on developing a next-generation global Non-Geostationary Satellite Orbit (NGSO) network to support D2D, IoT, and mobile satellite connectivity services. The company is backed by strategic investors, including SES, one of the world's leading satellite communications operators.
The investment reflects Nelco's intent to establish a long-term partnership with Lunar for the provision, distribution, and commercialization of satellite-based D2D and IoT communication services in India and other countries. This move provides Nelco with strategic access to emerging satellite connectivity solutions, supporting growth opportunities in the satellite ecosystem.
Regulatory and operational status
Lunar has not yet commenced commercial operations in India. The commencement of services in India will be subject to obtaining applicable approvals, licenses, and authorizations under telecommunications, satellite communications, and other applicable laws. The investment by Nelco falls under the automatic route for foreign direct investment and is subject to applicable regulatory filings and compliances.
This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
Historical Stock Returns for NELCO
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +5.55% | +12.79% | +20.95% | +71.35% | +27.48% | +130.45% |
What specific regulatory hurdles might delay Lunar's commercial launch in India, and how could this impact Nelco's expected ROI timeline?
How does the 7% compounded return on CCDs compare to current market rates for similar pre-revenue satellite infrastructure investments?
Given Lunar's merger of Lynk Global and Omnispace, what integration risks remain that could affect the deployment of its NGSO network?
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
