NewsVoir | 23 Feb, 2017
Bharti Airtel (âAirtelâ), Indiaâs largest telecommunications services provider, today announced that it has entered into a definitive agreement with Telenor South Asia Investments Pte Ltd (âTelenorâ) to acquire Telenor (India) Communications Private Limited (âTelenor Indiaâ). The acquisition is subject to requisite regulatory approvals.
As part of the agreement, Airtel will acquire Telenor Indiaâs running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth.
The proposed acquisition will include transfer of all of Telenor Indiaâs assets and customers, further augmenting Airtelâs overall customer base and network. It will also enable Airtel to further bolster its strong spectrum foot-print in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band. Airtel will ensure quality services to Telenor Indiaâs customers, while offering them the added benefits of its innovative product portfolio, access to superior voice & data services, mobile banking, VAS and domestic/ international roaming facilities. Telenor Indiaâs operations and services will continue as normal until the completion of the transaction.
Gopal Vittal, Managing Director and CEO (India and South Asia), Bharti Airtel, said, âThe agreement underlines our commitment to lead Indiaâs digital revolution by offering world-class and affordable telecom services through a robust spectrum portfolio spread across multiple bands. On completion, the proposed acquisition will undergo seamless integration, both on the customer as well as the network side, and further strengthen our market position in several key circles. The customers of Telenor India will now be able to enjoy Indiaâs widest and fastest voice & data network, and a range of Airtelâs world-class products and services.â
âThe acquisition of additional spectrum through this transaction, which made an attractive business proposition, has further enhanced our already solid spectrum portfolio. The proposed transaction will also create substantial long term value for our shareholders given the significant synergies.â added Gopal.
Sigve Brekke, Chief Executive Officer of Telenor Group, said, âWe believe todayâs agreement is in the best interest of our customers, employees and Telenor Group. Finding a long term solution to our India business has been a priority for us, and we are pleased with our agreement with Airtel. The decision to exit India has not been taken lightly. After thorough consideration, it is our view that the significant investments needed to secure Telenor Indiaâs future business on a standalone basis will not give an acceptable level of return.â
About Bharti Airtel
Bharti Airtel Limited is a leading global telecommunications company with operations in 17 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 3 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed home broadband, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G and 4G wireless services and mobile commerce. Bharti Airtel had over 368 million customers across its operations at the end of January 2017.
To know more please visit, www.airtel.com
About Telenor
Telenor Group is one of the worldâs major mobile operators, with reported revenues of NOK 131 billion in 2016 and about 36,000 employees. Telenor Group keeps 214 million mobile subscribers connected in 13 markets across Scandinavia, Central Eastern Europe and Asia.
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