Bharti Airtel to acquire Telenor India

TIL Desk/Business/New Delhi-Telecom operator Bharti Airtel Will acquire the business of Telenor India for an undisclosed sum in all seven circles where it holds spectrum. Airtel today said it has “entered into a definitive agreement with Telenor South Asia Investments Pte Ltd to acquire Telenor (India) Communications Private Limited.”

In a separate statement, Telenor said that the transaction will not trigger any impairment. As of fourth quarter 2016, the remaining value of tangible and intangible assets in Telenor India amounted to NOK 0.3 billion. The transaction is expected to close within 12 months,” Telenor said.

Airtel is India’s largest wireless operator with over 269 million subscribers and a revenue market share of over 33 per cent. As the new owner, Airtel will take over Telenor India’s spectrum, licenses and operations, including its employees and customer base of 44 million. As part of the agreement, Airtel will acquire Telenor India’s running operations in seven circles – Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.