Bharti Airtel, Telenor tie-up to bolster additional spectrum network
New Delhi [India], Feb 23 (ANI): India's largest telecommunications services provider Bharti Airtel on Thursday announced that it has entered into a definitive agreement with Telenor South Asia Investments to acquire Telenor (India) Communications.
The acquisition is subject to requisite regulatory approvals, and as part of the
agreement, Airtel will acquire Telenor India's running operations in seven circles including 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 India's assets and customers, further augmenting Airtel's 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 India's customers, while offering them the added benefits of its innovative product portfolio, access to superior voice and data services, mobile banking, VAS and domestic or international roaming facilities.
"The agreement underlines our commitment to lead India's 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 India's widest and fastest voice and data network, and a range of Airtel's world-class products and services," said MD and CEO (India and South Asia) Bharti Airtel, Gopal Vittal.
"The 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," added Gopal.
"We believe today's 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," said Chief Executive Officer of Telenor Group, Sigve Brekke.
"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 India's future business on a standalone basis will not give an acceptable level of return," added Sigve Brekke. (ANI)