The department of telecommunication has given its approval to Airtel’s acquisition of Telenor India. This approval came barely within a week of the apex court quashing DoT petition of seeking a security deposit of Rs 1700 crore from the parties involved.
In February last year, Airtel had announced the acquisition of Telenor and had said the transaction would close within 12 months.
The closure of the transaction also means that Airtel gains 43.4 MHz of spectrum from Telenor and the total subscriber base surpasses 330 million.
Airtel will add 5 MHz to 7.2 MHz of Telenor’s spectrum (1800 band) in each of the seven circles. The addition of this fresh spectrum (total of 43.4 MHz) will enable Airtel to further expand network capacity across these markets and fortify its network leadership. Airtel plans to step up investments and aggressively expand its high speed data network across the country over the coming year as part of Project Leap, its network transformation program.
Gopal Vittal, MD & CEO (India & South Asia) said: “We welcome all Telenor customers to the Airtel family and look forward to delighting them with best-in-class products. The acquisition consolidates our market leadership, further strengthens our network portfolio in key markets and will add to shareholder value. We would like to thank all the concerned authorities and stakeholders for granting approvals to this transaction.”
“I welcome today’s closing of the transaction. We are pleased with our agreement with Airtel and finding a long term solution to our India business has been a priority for us. I would like to thank the Telenor India team for their relentless and unwavering efforts over the years. To our customers, I would like to thank you for your loyalty and trust in our services,” says Sigve Brekke, Chief Executive Officer of Telenor Group.
The transaction now has received all regulatory and statutory approvals. As a next step, Airtel will begin integrating Telenor India’s operations across seven circles – Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
All existing customers of Telenor India will now become a part of Airtel network and all the customers will be transitioned seamlessly to the Airtel network and will continue to enjoy uninterrupted services with the Same SIM, Same Number, and Same Plan/Pack benefits.