Telenor Group, the Norwegian multinational telecommunications company, has opted for an exit from the Indian telecom market. The business will be sold to Bharti Airtel, the Indian global telecommunications services company.
Both companies have agreed over the decision and regulatory approvals from the Department of telecommunications in India (DoT) and the Competition Commission of India, are the final moves of the transactions.
Telenor, actually has a customer base of 44 million, with operations in seven areas namely Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
Sigve Brekke, the CEO of Telenor Group, commented about Telenor’s retreat: “The deal with Airtel will be 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”.
However, Telenor remains active in the region with its operations in Bangladesh (Grameenphone) and Pakistan.