New Delhi headquartered telecom service provider Bharti Airtel will acquire Telenor’s India operations in a no-cash deal. However, it will take on the latter’s spectrum liabilities toward the government amounting to nearly $240 million, (Rs 1,600 crore) payable in installments till 2026.
The Airtel-Telenor deal is subject to regulatory approvals, but both sides said it should be completed within the next 12 months. With this merger, the country’s biggest telecom company has strengthened its spectrum holding in the 4G-enabled 1800 MHz in the states of Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (east, and west), and Assam, reports the Indian Express.
“We believe today’s agreement is in the best interest of our customers, employees and the 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,” CEO Sigve Brekke of Norway headquartered Telenor said in a statement.
