The rapid growth of innovation, development and convergence in the mobile communications industry has led to immense complexities in proposing business models for the future. The terrestrial mobile communications industry has seen rapid development in new air interface standards in contrast to the Mobile Satellite Systems (MSS) industry. From a terrestrial operator's perspective, this rapid development of new standards poses a threat to the currently deployed mobile network infrastructure. From an MSS operator's point of view, this rapid growth and subsequent deployment poses a threat to one of its core areas of competences: villages and underdeveloped areas. We present an industry level business model for the convergence of terrestrial and satellite mobile communication industry suitable for both terrestrial and MSS operators' perspective. Based upon the business convergence model, we identify the gaps in convergence, using 'stakeholder analysis' and identify potential opportunities in addition to filling in the gaps.