Telenor sold its Operation to Bharti Airtel – Airtel take ownership of Telenor India.
Yesterday, Pakistan largest network Telenor sold its operation to Bharti Airtel Limited. Telenor network sold because their financial pressure increased. They showed its revenues, only 1% they increase in revenue. Bharti Airtel Limited (Airtel) full take ownership of Telenor India.
Chief Executive office of Telenor Sigve Brekke said selling the business in India 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
Bharti Airtel Limited and Telenor finalised their agreement, Airtel will take all the setup when necessary approvals received. According to the agreement, both parties will mergeAirtel will take all the set up of Telenor including its licenses and operations, customers, towers, employees base 44 million.
According to the Telenor group, they expected to the transaction within one year. Telenor entered in 2008 into India country. Telenor struggled in the Indian market but failed. The fourth quarter year of 2016, Telenor India remaining value amounted to USD 0.04 billion.