New Delhi, Feb 23: India’s largest telecom service provider Bharti Airtel on Thursday announced that it has inked a definitive agreement to acquire Telenor (India) for Rs 7,000 crore.
The big news from the Telecom industry came less than a month after rival Vodafone announce its plans to merge other Telecom major Idea Cellular.
The company said in a statement that it has entered into a definitive agreement with Telenor South Asia Investments Pvt Ltd to acquire Telenor (India) Communications Private Limited.
The acquisition is subject to requisite regulatory approvals. The cost of the acquisition is not shared in the statement but as per the media reports the deal is expected to be settled around Rs 7000 crore.
As per the agreement, Airtel will acquire Telenor India’s running operations in seven circles – Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West) and Assam, the telecom giant added.
Since the entry of Reliance Jio in September 2016, the industry has seen major overhauls to catch to Jio’s free promotional offers. Jio has forced the industry to consolidate and meet the competition.