From a long while we have been catching wind of Telenor Group wanting to exit from Indian market. Despite the fact that Telenor Group CEO Sigve Brekke said that the administrator intends to locate a long haul answer for its India business as quickly as time permits
Yet, now following quite a while of contemplations, Telenor Group sold its Indian Operations to Bharti Airtel Limited (Airtel) today. The Airtel-Telenor arrangement is subject to administrative endorsements. Be that as it may, both organizations said it ought to be concluded inside the following 12 months.
Telenor Says Goodbye to India as Airtel to Buy its Indian Operations
Airtel is India’s driving administrator with very nearly 269 million endorsers, while Telenor will include another 44 million (and just shy of four percent marketshare) to that number
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
Telenor CEO Sigve Brekke revealed in a statement.
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 would not have given an acceptable level of return.
Brekke further added.
While talking about the agreement Bharti Airtel Managing Director and CEO (India and South Asia) Gopal Vittal said
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.
Telenor, which is headquartered in Norway with a global presence, made its way to India in 2008. At present its services are available in six telecom circles in the country. Last year, it cleared six billion NOK ($720 million) in revenue with an operating cash flow of negative 0.4 billion NOK ($48 million).