KARACHI: Telenor group announced on Thursday that it has entered into a definitive agreement with Bharti Airtel Limited (Airtel), whereby Airtel will take full ownership of Telenor India. The exit of Telenor group from our neighboring country has established the perception in Pakistan that the group may leave Pakistan next. The new owner, Airtel, will take over Telenor India’s spectrum, licenses and operations, as well as its employees and customer base of 44 million. Telenor’s operations and services will continue as normal until the completion of the transaction. In a statement, Sigve Brekke, Chief Executive Officer of Telenor Group said, “The decision to exit India has not been taken lightly. After thorough consideration, it is our view that the significant investments needed to secure Telenor India’s future business on a standalone basis would not have given an acceptable level of return”. According to the agreement, Airtel and Telenor India will merge and Airtel will take over Telenor India as soon as all necessary approvals are received. As part of the agreement, Airtel will take over outstanding spectrum payments and other operational contracts, including tower lease. The transaction is expected to close within 12 months. With effect from first quarter 2017, Telenor India will be treated as an asset held for sale and discontinued operations in Telenor Group’s financial reporting.