Nelco invests $20 mn in US-based Elveo for satellite connectivity; shares fall 12%

In a regulatory filing, Nelco said it has entered into an agreement with Lunar Holdco for an investment of $20 million through the subscription to Compulsorily Convertible Debentures (CCDs) of Lunar. The agreement was approved by the board of directors and shareholders.

Lunar Holdco, Inc., doing business as Elveo Mobile, is a Delaware-based satellite communications company focused on developing a next-generation global NGSO satellite network. The network is designed to support direct-to-device (D2D), Internet of Things (IoT) and mobile satellite connectivity services.

The firm is backed by strategic investors, including SES, a global satellite communications operator. It was formed through the merger of Lynk Global and Omnispace and is currently pre-revenue until the full deployment of its satellite constellation.

Nelco said the investment is intended to establish a long-term partnership with Lunar for the provision, distribution and commercialisation of satellite-based Direct-to-Device (D2D), Internet of Things (IoT) and related communication services in India and other countries.

The company further added that the partnership will provide it with strategic access to emerging satellite connectivity solutions and support growth opportunities in the satellite ecosystem.

Neclo in the filing also stated that Lunar has not yet commenced commercial operations in India. The commencement of services in India will be subject to obtaining applicable approvals, licences and authorisations under telecommunications, satellite communications and other applicable laws.

Nelco share price trends

At 10:07 AM, Nelco shares were trading at ₹978.30 apiece on the National Stock Exchange, declining 9.54%.

From the beginning of the year, Nelco shares have zoomed 50%. Over a month’s time, the stock has jumped 25%, while it has rallied 63% in the past six months.

Shares of the firm had hit a 52-week high of ₹1,120 on August 17, 2026, and a 52-week low of ₹500.10 on March 30, 2026.

According to NSE data, as of August 17, 2026, Nelco has a total market capitalisation of ₹2,474.66 crore.